UBS has announced a 14% reduction in its bonus pool for the previous year, attributing the cut to a tougher year for deal-makers and traders. This decision comes as the Swiss banking giant aims to enhance its cost-saving measures amidst the ongoing integration of Credit Suisse. CEO Sergio Ermotti, who has been pivotal in overseeing the merger, was reported to have received a compensation package totaling 14.4 million Swiss francs for 2023. Furthermore, UBS has restated its 2023 net profit after adjusting the estimated gain from the Credit Suisse acquisition. Despite these developments, UBS is still reviewing the potential risk of misstatement in Credit Suisse's financial reports, with discussions with regulators ongoing. Ermotti's effective leadership during this period has not only positioned him as Europe's best-paid bank boss with a $15.9 million package but has also opened the possibility of him remaining at the helm even after the integration process is complete.
From Breakingviews - Breakingviews - Sergio Ermotti has a path to Wall Street-style pay https://t.co/NUCR1Q85la https://t.co/NUCR1Q85la
UBS makes Ermotti Europe's best-paid bank boss with $16 mln package https://t.co/A1A3u10QR0 https://t.co/1MDNmEyUCo
UBS chief's surprise return to the Swiss banking giant bagged him a $15.9 million paycheck https://t.co/39KkJdMIEw
UBS still reviewing risk of misstatement in Credit Suisse's books https://t.co/18rXBVzveD https://t.co/cXAxnAZzYw
⚠️ UBS STILL REVIEWING RISK OF MISSTATEMENT IN CREDIT SUISSE'S BOOKS Full Story → https://t.co/RNQwjTZFkB UBS said it is still reviewing potential misstatements in Credit Suisse's financial reports and talks with regulators to address the issue are ongoing. https://t.co/6KVm0TH9JU
UBS CEO Sergio Ermotti could remain at the helm of the Swiss bank even after the integration process with Credit Suisse is complete https://t.co/3sBcvUU4ba
UBS Restates 2023 Net Profit After Cutting Estimate of Credit Suisse Gain https://t.co/og80s3ZCfk
UBS cuts its bonus pool for last year by 14% after a tougher year for deal-makers and traders, as the Swiss bank increases its cost-saving targets amid the integration of Credit Suisse https://t.co/M0Qe1Q9KEV via @business @myriamBalez #switzerland
UBS reports 14.4 million Swiss francs for CEO Ermotti in 2023 https://t.co/rrrAyKvMbC https://t.co/LXTgsRdRYp
UBS's Ermotti open to staying on to oversee Credit Suisse integration https://t.co/LPaQGwaLiY https://t.co/AXW3cmBpJX
UBS cuts its bonus pool for last year by 14% after a tougher year for deal-makers and traders, as the Swiss bank increases its cost-saving targets amid the integration of Credit Suisse https://t.co/IY5WGVpySw