UBS employees and executives earn bigger pot in 2020

UBS employees raked in higher bonuses in 2020, as bumper profits during the COVID-19 pandemic saw group-wide bonuses at the bank rise by 24% to $3.3 billion during the year. Executives collected compensation of 115.9 million Swiss francs ($124.78 million) in 2020, up from 102.1 million francs for the year before the pandemic hit, the Swiss bank’s annual report showed on Friday. Executive bonuses had risen by 1% on a per capita basis, Switzerland’s largest lender said. Former Chief Executive Sergio Ermotti, who left the bank in October, was awarded a total 13.3 million francs in salary and bonuses. That compared to 12.5 million francs for the full-year of 2019. The bank said he had remained employed through end-2020. Incoming CEO Ralph Hamers, meanwhile, earned 4.2 million francs in his first four months at the bank, which included a two-month transition phase before assuming the head role. Executives in April pledged to contribute the equivalent of three months’ salary to fight the coronavirus, amounting to some 5.1 million francs for the thirteen executives present at the time. The bank last year, under pressure from investors over a multi-billion euro French tax case it is currently appealing, unveiled an amended executive bonus system, taking into account the French tax case, as well as its shareholder and capital returns.

DailyTimes, 06 Mar, 2021

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