UBS reduces CEO Ermotti's pay to $17 million

UBS Group AG has set CEO Sergio Ermotti's pay for 2024 at just under 15 million Swiss francs ($17 million), a reduction from his previous compensation. This decision comes amid increased scrutiny of banker salaries in Switzerland. Ermotti's pay package includes 2.8 million francs in fixed compensation and 12.1 million francs in variable pay. His 2023 compensation was 14.4 million francs for nine months of work after he returned to lead the bank. The total bonus pool for UBS in 2024 is $4.7 billion, slightly higher than the previous year. Swiss lawmakers are considering a bill to limit bankers' pay to between 3 and 5 million francs annually.