UBS approved 2017 pay hike for CE Sergio Ermotti, taking his total package to $15m
Zurich — UBS boosted CEO Sergio Ermotti’s pay and increased the bank’s bonus pool by about 6% after underlying profit increased. The Zurich-based lender boosted the bonus pool for 2017 to Sf3.1bn ($3.3bn), according to its annual report published on Friday. Ermotti remains the highest-paid executive, with a total compensation of Sf14.2m, up from the Sf13.7m he received in 2016. That includes Sf11.4m in variable compensation. UBS’s investment bank allocated the biggest discretionary payouts to the highest revenue generators and younger employees, as competition from other industries intensifies, people with knowledge of the matter said last month. Andrea Orcel, head of UBS’s investment bank, said in an interview in December that 2017 would prove to be a "tricky year" for compensation in the industry, but that his company had done slightly better than a year earlier. "We delivered excellent financial results, maintained our strong capital position and achieved our net cost reduction t...
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