Sergio Ermotti, the CEO of UBS, was the best-paid banker in Europe in 2023. He received 14.4 million Swiss francs for nine months’ work, which is equivalent to 14.7 million euros. Ermotti took on the role at UBS in April to oversee the merger of Credit Suisse, having previously served as the bank’s leader for nine years.
In contrast to Ermotti, his predecessor Ralph Hamers earned a full year’s compensation of 12.6 million francs in 2022. However, this was not enough to make him the highest-paid banker in Europe that year. The highest-paid banker in the US, JPMorgan Chase CEO Jamie Dimon, earned $36 million in the same year.
The annual report from UBS revealed that Ermotti’s compensation for his time at UBS was based on a combination of factors including his performance and market conditions. Despite receiving a higher salary than his predecessor, Ermotti has faced criticism for his decision-making during his tenure at UBS and Credit Suisse.