UBS CEO Sergio Ermotti received total compensation of 14.9 million Swiss francs ($16.9 million) last year, keeping in line with the bank's efforts to regulate remuneration amidst a tense political climate. When Ermotti returned to UBS in 2023 to oversee the integration of Credit Suisse, he earned 14.4 million francs for nine months' work, making him the highest-paid CEO among European banks. Finance Minister Karin Keller-Sutter raised concerns about Ermotti's 2023 pay, and his 2024 compensation package also faced criticism.
In response to Ermotti's salary, Juerg Grossen of the centrist Green-Liberal party posted on X, "Such wages tear our society apart and ultimately damage Switzerland as an economic and banking center." Ermotti's base salary remained stable last year, while his variable compensation decreased to 12.1 million francs from 12.25 million in 2023.
Ermotti's total compensation was surpassed by David Layton, CEO of the Swiss private equity firm Partners Group, who received nearly 17 million francs. UBS acquired Credit Suisse for 3 billion francs in a state-engineered deal after the latter faced scandals. The debate on UBS's regulation focuses on its balance sheet size relative to the Swiss economy and the potential risks associated with its operations.
Despite calls in the Swiss parliament to cap bankers' pay between 3 to 5 million francs, lawmaker Jakob Stark clarified that the motion was not targeting UBS, acknowledging Ermotti's contributions. UBS reported that total executive board compensation in 2024 was 143.6 million francs, up from 140.3 million the previous year, while the group's bonus pool increased to $4.7 billion from $4.5 billion in 2023.