The CEO of Switzerland's largest bank earned significantly more last year, thanks to a big bonus.
UBS CEO Ralph Hamers earned 1.14 million Swiss francs ($1.21 million) more than the previous year, according to the bank’s annual report published Monday.
The CEO’s total compensation climbed to over 12.64 francs, consisting of 2.99 million francs in fixed salary and bonus components of 8.5 million francs.
Bucking the Trend
The UBS boss’ earnings contrast with the broader trend in European banking where fixed salary components have come under scrutiny while bonuses have in some cases been capped.
However, shareholders are likely to accept the bank’s management compensation seeing as it was able to increase net profit attributable to them by 2 percent to 7.63 billion dollars in spite of last year’s difficult market conditions.
UBS also plans to pay out more in dividends.
Three Times Fixed Salary
Chair Colm Kelleher earned a total of 4,79 francs in his first year at UBS, while his vice chairman, Lukas Gaehwiler, received a total of 1.88 million francs. In total, the bank's board of directors is expected to earn around 12.57 million francs for the 2022/23 period.
