UBS CEO Ermotti's 2024 Pay and Bank's Challenges

UBS CEO Sergio Ermotti will receive a compensation package of 14.9 million Swiss francs ($17 million) for 2024, which maintains his salary below the maximum allowed by UBS's compensation rules despite increased scrutiny in Switzerland over bankers' pay. This package includes 2.8 million francs in fixed salary and 12.1 million francs in variable components. In 2023, Ermotti's remuneration for nine months was 14.4 million francs, reflecting his leadership during UBS's takeover of Credit Suisse. The pay package for the entire executive board of UBS totals 143.6 million francs for 2024, with a group-wide bonus pool of $4.7 billion. The scrutiny over UBS's compensation coincides with Swiss governmental proposals possibly increasing the bank's capital requirements by $25 billion, which UBS is lobbying against. Additionally, UBS Chairman Colm Kelleher's pay has increased to 5.5 million francs due to expanded responsibilities post-acquisition.