- ORIGINAL NEWS
UBS chief’s surprise return to the Swiss banking giant bagged him a $15.9 million paycheck
- SUMMARY
Sergio Ermotti, the former CEO of UBS, has made a triumphant return to lead the banking giant once more.
This follows UBS’ acquisition of its rival, Credit Suisse, a complex integration task that prompted Ermotti’s appointment.
Ermotti’s compensation for 2023 stands at 14.4 million Swiss francs, while the overall executive board’s pay package has surged to 140.3 million francs.
Employee bonuses also amount to a substantial $4.5 billion, primarily distributed in cash.
While this represents a 14% decrease from the previous year, it reflects UBS’ efforts to optimize costs during the Credit Suisse integration.
Despite recent quarterly losses, UBS has maintained solid underlying profits.
Since Ermotti resumed the helm, UBS shares have experienced remarkable growth, exceeding 52%.
This suggests that investors are optimistic about his leadership and the prospects of the combined banking entity.
Ermotti’s return and the subsequent executive compensation adjustments indicate UBS’ determination to successfully navigate the challenges of integrating Credit Suisse and position itself as a formidable force in the global banking landscape.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse.”
“The bank’s executive board picked up a 140.3 million Swiss franc compensation package in 2023, a significant increase from the previous year’s 106.9 million francs.”
Negative
“The bank last month reported a second consecutive quarterly loss on the back of integration costs, but continued to deliver strong underlying operating profits.”