UBS CEO Ermotti to receive $17m paycheck for 2024

FRANKFURT: The pay package of UBS CEO Sergio Ermotti came in just above 15 million Swiss francs ($17 million) in 2024, Swiss daily Blick reported, not citing where it obtained the information.

This would be more than the 14.4 million Swiss francs Ermotti received in 2023 for nine months’ work after he returned to the company to oversee the integration of Credit Suisse, which UBS bought in March of that year.

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That made Ermotti the best-paid boss among leading European banks in 2023.

UBS picked up its former rival for just 3 billion Swiss francs in a state-engineered deal after the once-powerful institution fell apart in a welter of scandals.

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UBS declined to comment.

The bank is scheduled to release its 2024 full-year report on Monday, which will include details on Ermotti’s remuneration.

($1 = 0.8851 Swiss francs)