UBS chief enjoys 11% pay rise despite cutting bonus pool to share among colleagues
The boss of Swiss banking giant UBS enjoyed an 11 per cent increase in his total remuneration package to nearly £11 million last year, despite his staff bonus pool being cut.
Ralph Hamers, the CEO, took home 12.2 million Swiss francs (£10.9 million) as net profit rose 2 percent year-on-year, it revealed in its annual report.
That was 11 per cent more than the £9.8 million he pocketed in 2021. The bank, which operates globally, posted a net profit of £6.8 billion in 2022, up 2 per cent on 2021, after finishing the year with a record volume of loans and deposits from its clients.
Salary hike: UBS boss Ralph Hamers (pictured) took home 12.2m Swiss francs (£10.9m) as net profit rose 2% year on year
However, the peer bonus pool reached £2.9bn, down 10 per cent from the £3.25bn awarded in 2021.
Bonuses generally reflect the group’s financial performance, as well as the performance of certain divisions, teams and individuals, the bank said.
It came despite the fact that the bonus pool for UBS’s board of directors was up 2 percent in Swiss franc terms. UBS said it was making progress toward goals to increase the representation of women and ethnic minorities.
Women held 28 per cent of director and senior positions globally, and employees from ethnic minorities held 23 per cent of director and senior positions in the UK.
Geopolitical events are likely to remain a concern for investors, given Russia’s war in Ukraine and tensions between China and the US.