UBS CEO's pay slips to $1 million a month as Swiss bank's top bosses pocket $113 million

UBS Chief Executive Sergio Ermotti, one of Europe's best paid bankers, earn...

ZURICH - UBS Chief Executive Sergio Ermotti, one of Europe’s best paid bankers, earned 12.5 million francs in 2019, down from 14.1 million in 2018 after the bank was hit with a multi-billion-euro court case and it missed earnings goals.

The amount includes an 8.2 million francs one-off award for its most high-profile hire of the year, the new wealth management co-head Iqbal Khan, who was given the sweetener on top of his salary to compensate him for lost benefits after moving from rival Credit Suisse. Last year, shareholders at the bank’s annual meeting showed their frustration by refusing to endorse the performance of the bank’s leadership, in a non-binding vote.

Payout of 1.5 million francs of Ermotti’s 2019 bonus and 7.3 million of overall executive bonuses would be contingent on the outcome of the French court case, the bank said, while further payout for senior managers would rest on achieving returns for shareholders and on capital over three years.

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