UBS reports 14.4 million Swiss francs for CEO Ermotti in 2023

By Thomson Reuters Mar 28, 2024 | 1:28 AM

ZURICH (Reuters) -UBS on Thursday said its CEO Sergio Ermotti picked up 14.4 million Swiss francs in 2023 after taking over the Swiss bank’s helm for a second bout following its takeover of former rival Credit Suisse last March.

Overall, UBS executives picked up compensation of 140.3 million Swiss francs in 2023, a large leap from 106.9 million francs in 2022.

Employees at the combined bank were awarded bonuses of $4.5 billion, the majority of which was paid in cash.

In a surprise move, Ermotti, who was chief executive of UBS from 2011 to 2020, took over from Ralph Hamers, who was in charge for less than three years.

The annual report did not disclose how much Hamers received as part of a so-called “golden parachute,” a payment made to a departing executive.

(Reporting by Noele Illien, Editing by Rachel More)