In documents published on its website late on Tuesday, the Italian bank UniCredit reported that Chief Executive Andrea Orcel's pay package increased by almost a third last year to 13.2 million euros ($13.8 million), which includes a one-off share award.
As one of Europe's highest-paid bank CEOs, Orcel stands to earn up to 16.4 million euros in 2025 if he exceeds this year's targets, according to the bank.
UniCredit explained that a one-off share award was granted to top executives in 2024 following guidelines from the European Banking Authority (EBA) on calculating share-based payments. The CEO's share award to offset the EBA's clarification amounted to 2.2 million euros.
One-off payments totaling 43.5 million euros, constituting 7% of the bank's 2024 bonus pool, will be allocated to the CEO, top executives, and 858 senior managers classified as "material risk takers" (MRT).
UniCredit disclosed that 134 employees were designated as MRTs in 2024, with no significant changes expected in 2025.
When factoring in the one-off share award, UniCredit stated that the average bonus payment for MRT managers in 2024 was up to 199,000 euros, rising from 155,000 euros in 2023. The overall bonus pool increased by 13% to a maximum of 625 million euros from 551 million euros.
($1 = 0.9537 euros)