Extraordinary year for UBS, which put together a record profit thanks to the incorporation of Credit Suisse. And for the CEO of the Swiss bank, the returnee Sergio Ermottithe year of the operation that turned the Swiss banking system upside down brought compensation of 14.4 million Swiss francs (14.7 million euros), of which 12.3 million francs (12.5 million euros) in variable compensation: this is the compensation to be precise for his nine months of service.
Figures that emerge from the report to the assembly: the president Colm Kelleher he received a fixed compensation of 4.7 million Swiss francs (4.8 million euros) for the period 2023-2024.
“Sergio has committed to staying at least until the integration process is complete, if not longer,” reads the chairman’s letter to shareholders.
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Overall, however, he writes the Bloomberg, UBS cut its bonuses by 14% for last year, after activities related to extraordinary operations and trading were difficult; however, the cost reduction target as part of the Credit Suisse integration is increasing.
UBS also revised its net profit slightly downward, to $27.8 billion in 2023, from the previous 29 billion due to the adjustment of estimates for the acquisition of Credit Suisse. According to UBS, the estimates made at the time of the transaction were “refined” in accordance with accounting standards. Diluted earnings per share are now $8.45. This also affects UBS’s common equity tier 1 capital ratio at the end of 2023, which now stands at 14.4%, compared to the 14.5% communicated at the beginning of February.