The major Swiss bank UBS presented its annual report for 2023 on Thursday, where you can see in the notes what the top management received in compensation for the past year.
It states that CEO Sergio Ermotti had a total compensation of 14.4 million Swiss francs last year – the equivalent of 172 million Norwegian kroner.
That makes him the best-paid bank manager in Europe last year, writes Reuters. The report also states that the bank reduced the total bonus pool for employees.
Total compensation for senior management at UBS amounted to 140.3 million Swiss francs in 2023, up from 106.9 million the previous year.
Ermotti returned to the chairman’s chair at UBS on 5 April last year after the acquisition of the crisis-stricken bank Credit Suisse. Ermotti was also head of UBS from 2011 to 2020.
Many times more than Braathen
Ermotti thus also had higher compensation than what Noel Quinn and Ana Botin had as CEOs of HSBC and Santander respectively. Their compensations amounted to 10.6 million dollars and 12.24 million euros.
In comparison, DNB CEO Kjerstin Braathen had a salary package of NOK 15.8 million last year.
The UBS boss thus earned almost 11 times as much as Braathen.
Nordea CEO Frank Vang-Jensen, for his part, had a salary package of 3.66 million euros – equivalent to NOK 42.8 million.
