Annual report UBS CEO Sergio Ermotti earns 14.9 million francs

UBS CEO Sergio Ermotti earned CHF 14.9 million in 2024, according to the annual report published on Monday.

Keystone-SDA

17.03.2025, 06:51

17.03.2025, 07:15

SDA

UBS CEO Sergio Ermotti will receive roughly the same salary for the past financial year as in 2023, which is significantly less than had been speculated in some quarters. He will receive remuneration of CHF 14.9 million, compared to CHF 14.4 million previously.

However, Ermotti only worked for the big bank for nine months in 2023. He only took over as CEO on April 1, 2023 in order to manage the integration of the acquired Credit Suisse. Extrapolated to one year, this would have been 19.2 million.

Of the 14.9 million for Ermotti in 2024, 2.8 million made up the fixed salary and 12.1 million the variable part of the salary, according to the annual report published on Monday.

Kelleher receives more

A total of CHF 143.6 million will be paid out to the entire Executive Board of Switzerland's largest bank in 2024. This compares to 140.3 million in the previous year.

The majority of the variable remuneration for the Executive Board has been deferred for several years, UBS Chairman Colm Kelleher was quoted as saying in a statement issued by the bank on Monday. "This ensures that remuneration reflects performance and appropriate risk appetite and that the interests of employees are aligned with those of our stakeholders."

Kelleher himself, who has been Chairman of the Board of Directors of UBS since April 2022, will receive CHF 5.5 million for the year until the next Annual General Meeting on April 10. Previously it was 4.7 million.

The entire Board of Directors will earn 14.0 million francs in 2024/2025, including so-called additional fees, which is less than the 15.2 million in 2023/24.