UBS TRIMS CEO Emiti The payment of US $ 17 million in the midst of Swiss scrutiny

(Bern) UBS Group granted the executive director Sergio Ermotti just under US $ 17 million by 2024, maintaining compensation below the maximum possible at a time of high scrutiny in Switzerland for the payment of the bankers.

The Emotti package includes 2.8 million francs (s $ 4.22 billion) in 12.1 million francs in variable compensation, UBS said in its annual report on Monday (March 17). According to the rules adjusted last year, members of the Executive Board can receive a bonus payment of up to 7 times a fixed compensation.

The package compares with the 14.4 million francs that Emotti received for 9 months in 2023, when he returned to lead the bank after the emergency acquisition of Credit Suisse UBS. It is still one of the best paid banks in Europe, although in a full year base its compensation has been cut since 2023.

The total bonus group in UBS for 2024 reached US $ 4.7 billion, compared to US $ 4.5 billion by 2023.

The attention to the UBS compensation policy comes at a time when the bank depends on the good political will with respect to its future capital requirements. The Government has proposed measures that could result in an increase of US $ 25 billion, a result against which the bank has pressed strongly. The legislation on the matter will begin its path through the Swiss Parliament this year.

Ermotti’s 2023 salary caused an uproar in Switzerland, and finance minister Karin Keller-Sutter said he exceeded “the imagination of any normal citizen.” Earlier this month, the legislators of the upper house of Parliament supported a motion to limit the total annual compensation of the bankers to between 3 and 5 million Swiss francs, in a bIll that will now go to the Low House. Bloomberg