UBS headquarters in Zurich: big rewards
Photo: FABRICE COFFRINI / AFP
While Germany's big banks are struggling with major problems, business is booming at Swiss rival UBS.
This also pays off for the employees: They receive 3.3 billion dollars in bonuses - 24 percent more than last year, according to the annual report.
"We met or exceeded all financial targets in 2020," said Compensation Committee Chairwoman Julie Richardson.
The resilience of the business and disciplined risk management ensured the bank was successful even during the pandemic.
UBS is the largest bank in Switzerland and specializes in asset management for wealthy clients.
Thanks to the stock market boom, UBS increased profits by 54 percent to $ 6.6 billion in 2020, the best result since 2015.
Rival Credit Suisse, on the other hand, posted a decline.
Accordingly, the institute also reduced the bonuses by seven percent.
Group boss Sergio Ermotti, who handed over the tax at the end of October, received total remuneration of 13.3 million francs, seven percent more than in the previous year.
On top of that, there was goodbye praise: "The Board of Directors recognizes Sergio Ermotti's successful management work in a very challenging year," said the annual report.
Last year, a record fine for the bank in a French court case for aiding and abetting tax evasion led to a cut in his salary.
Ermotti's successor, Ralph Hamers, received 4.2 million francs for his four-month stint at the bank.
As head of the Dutch ING, he earned a lot worse.
The total remuneration of the 13-member management increased by 13 percent to 115.9 million francs.
Swiss company bosses are traditionally among the front runners in Europe when it comes to salaries.
In the previous year, Ermotti and the head of the Basel Roche Group, Severin Schwan, were only surpassed by Linde boss Steve Angel, as data from the compensation consultancy hkp show.
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