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UBS CEO Sergio Ermotti was paid SFR 14.9 million ($16.8 million) last year, maintaining his position as the boss of Europe’s top payment bank.
Elmotti’s compensation was higher than the SFR 14.4 million awarded in 2023, a nine-month job, but spread over a year.
Elmotti’s salary disclosure in UBS’s annual report on Monday occurred as the Swiss Senate narrowly supported allegations last week that restricted executive compensation to SFR5MN.
The proposal highlights how politically sensitive wages in the financial sector are in the controversial 2023 acquisition of former rival Credit Swiss UBS.
Elmotti is back to run the second UBS after Swiss bank purchased Credit Suisse in a transaction organized by Swiss regulators.
His salary in 2024 exceeds the £5.4 million received by HSBC CEO George El Hedaly, and is expected to earn a Boschrischian sewing at Deutsche Bank, which costs 9.75 million. It was also awarded the Anabotine, the executive chair of Banco Santander, which costs 13.8 million euros.
Swiss banks are not subject to the same restrictions as eurozone banks regulated by the European Central Bank.
The Swiss government is considering a variety of measures aimed at making the banking sector safer following the end of Credit Switzerland. Critics warn that Switzerland must remain competitive as a financial centre and banking hub.
