Noel Illien
ZURICH (Reuters) – UBS Chief Executive Sergio Ermotti earned 14.4 million Swiss francs ($15.90 million) in 2023, making him the highest-paid European bank executive last year.
UBS reported Ermotti’s pay in its annual report on Thursday, with the Swiss bank also saying it cut its overall employee bonus fund last year.
Ermotti returned to the helm of UBS on April 5 after it acquired Credit Suisse in an emergency takeover and is still in the process of steering the assets through the complex integration of its former rival.
“Sergio has committed to remain there at least until the integration process is completed, if not longer,” the annual report said.
UBS also said Swiss authorities’ findings on the collapse of Credit Suisse in 2023 could lead to tighter regulation in the future.
The bank is still reviewing potential misstatements in Credit Suisse’s financial statements and talks with regulators to resolve the issue are ongoing, UBS said.
“UBS expects to adopt and implement additional controls and procedures following the completion of such review and discussions with regulators,” it said.
Meanwhile, Ermotti’s pay package makes him one of the highest-paid executives among Swiss-listed companies, but he still lags behind. Novartis (SIX:) boss Vas Narasimhan, who took home more than 16 million francs.
Among bank executives, his salary exceeded that of HSBC’s Noel Quinn ($10.6 million) and Santander (BME:) executive chairman Ana Botín (€12.24 million), according to bank data.
In total, UBS executives received remuneration of 140.3 million francs in 2023, up from 106.9 million francs in 2022. But total bonuses fell 14% to $4.5 billion, most of which were paid in cash.
Ermotti’s predecessor as CEO, Ralph Hamers, earned 12.6 million francs in 2022.
($1 = 0.9059 Swiss franc)