UBS makes Sergio Ermotti best-paid European bank boss

UBS has made Sergio Ermotti Europe’s best-paid bank boss less than a year after he returned to the lender, saying the Swiss executive had successfully steered the integration of rival Credit Suisse. Photograph: Chan Long Hei/BloombergUBS has made Sergio Ermotti Europe’s best-paid bank boss less than a year after he returned to the lender, saying the Swiss executive had successfully steered the integration of rival Credit Suisse.

Mr Ermotti was parachuted back into the top job – a role he previously had for nine years – just weeks after UBS agreed to rescue Credit Suisse last March. Since then, the bank’s share price has climbed 60 per cent.TV over the internet is here but be sure to read the small printWill AI really conquer all before it? Some insiders privately voice doubts about the ebullient narrative

Mr Ermotti’s total pay also dwarfs the awards of chief executives at other major European banks, including Christian Sewing of Deutsche Bank, who was paid €8.9 million last year, and Andrea Orcel of UniCredit, whose maximum payout is €9.75 million. The lender has come under scrutiny within Switzerland following its rescue of Credit Suisse, especially over the size of the combined group’s balance sheet – roughly twice the country’s gross domestic product.

“The fact that we were in a position to rescue Credit Suisse, despite both firms operating under the same regulatory regime, shows the framework and capital requirements were not the problem,” they wrote. “This is the ultimate proof that the competition provided by both domestic and foreign banks active in Switzerland is robust.”

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