The Swiss banking giant UBS has recently made headlines with the return of CEO Sergio Ermotti, who earned a whopping 14.4 million Swiss francs in 2023. After unexpectedly taking the helm once again, Ermotti replaced Ralph Hamers and led the bank through the integration of Credit Suisse’s business.
In its annual report, UBS disclosed that the executive board received a total pay package of 140.3 million Swiss francs in 2023, a significant increase from the previous year. However, bonuses paid to employees at the combined bank saw a 14% reduction from the previous year, totaling $4.5 billion.
Despite facing integration costs that led to a second consecutive quarterly loss, UBS has continued to deliver strong underlying operating profits. Since Ermotti’s return in April 2023, UBS shares have surged by over 52%.
The shake-up at UBS reflects the ever-evolving landscape of the banking industry and the challenges faced by major financial institutions. As Ermotti spearheads the bank through these changes, all eyes are on UBS to see how it navigates the road ahead. Stay tuned for more updates on this developing story.
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