UBS Gives CEO Ermotti Nearly $16 Million in 2023 Compensation
By Adria Calatayud
UBS Group said Chief Executive Sergio Ermotti's total compensation amounted to 14.4 million Swiss francs ($15.9 million) last year, a 14% increase compared with what his predecessor Ralph Hamers got in 2022.
The Swiss banking group's aggregate compensation for all its executive-board members totaled CHF140.3 million in 2023, up from CHF106.9 million a year before, according to its annual report published Thursday.
Ermotti returned to UBS in April last year to oversee the integration of Credit Suisse, after a first stint as CEO from 2011 to 2020.
"Sergio [Ermotti] has committed to stay at least until the completion of the integration process, if not longer," the bank said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 28, 2024 03:36 ET (07:36 GMT)
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