Insiders

UBS CEO Ermotti's pay rises to $14.9 million

March 09, 2018 at 04:42 am EST

ZURICH (Reuters) - UBS Chief Executive Sergio Ermotti received 14.2 million Swiss francs ($14.92 million) in total compensation for 2017, up from 13.7 million francs a year earlier, Switzerland's biggest bank said on Friday.

The aggregate performance award pool for the group executive board rose 3.1 percent for 2017 to 74.2 million francs.

"This increase... compares with an increase of 16 percent in adjusted profit before tax and a 6 percent increase in the overall performance award pool of the firm," it said in its annual compensation report.

The rise marks a return to growth after a 17 percent decline in staff bonuses in 2016 and a 5.2 percent drop in compensation for Ermotti.

The company's annual report showed late additions to provisions, since UBS reported results in January, had pushed down 2017 operating profit before tax by 141 million francs and net profit attributable to shareholders by 112 million.

Net profit attributable to shareholders was 1.1 billion francs in 2017.

UBS saw operating profit rise by nearly a third in 2017 amid record inflows to its flagship private banking business. Its bottom line, however, was hit by a one-off writedown triggered by U.S. tax reform.

(This story has been refiled to read "This increase" in paragraph 3)

(Reporting by Michael Shields and Brenna Hughes Neghaiwi; Editing by Sherry Jacob-Phillips & Shri Navaratnam)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	SWISS RE LTD	98 CHF	-0.04%	-7.02%	31.21B
	UBS GROUP AG	25.81 CHF	+0.62%	-2.20%	90.24B

Sergio Ermotti

Sergio P. Ermotti (born on 11 May 1960 in Lugano, Switzerland) is a Swiss banker from Lugano, Switzerland. He is Group CEO of UBS since November 2011, having held the position of Group Chief Executive Officer on an interim basis since September 2011. .

Personal life

Sergio P. Ermotti was born on May 11, 1960. He left school at age 15, deciding to follow in the footsteps of his father, he began his career as a young apprentice at the Corner Bank in Lugano.

Career

After his apprenticeship as a stockbroker at the Corner Bank, Ermotti was later promoted to trading. Ermotti earned a diploma as a Swiss Federal Banking Certified Expert and a degree in the Advanced Management Program at Oxford University.

In 1985, Ermotti moved to Citibank where he traded equity-linked products and later served as its Resident Vice President. He later went on to Merrill Lynch in 1987, holding various positions in equity derivatives and capital markets. Between 2001 and 2003, he served as co-Head of Global Equity Markets and as a member of the Executive Management Committee for Global Markets & Investment Banking at Merrill Lynch.

He joined UniCredit in December 2005 as Head of Markets & Investment Banking. From 2007 to 2010, he was UniCredit’s Deputy Chief Executive Officer with responsibility for the strategic business area, Corporate and Investment Banking and Private Banking.

Sergio P. Ermotti was appointed Chairman and CEO of UBS's Europe, Middle East, and Africa group and became a member of the Group Executive Board in April 2011. He was appointed interim Group CEO of UBS beginning in September 24, 2011 before being given this post permanently on November 15, 2011. Sergio Ermotti was a member of the Board at the London Stock Exchange between September 2008 and July 2013.

Other Activities

He owns a stake in the leisure industry group Tessal which owns four luxury hotels in Lugano that it is renovating. Ermotti presided over the regional carrier Darwin that flies between Zurich and Lugano on behalf of Swiss International Air Lines between 2007 and 2012.

Ermotti is a contributor to the LinkedIn Influencers Program, for which he writes about the global economy.

Sergio Ermotti is Chairman of the Fondazione Ermotti and board member of the Fondazione Lugano per il Polo Culturale, both located in Lugano.

Charity

Sergio Ermotti was challenged by Marc Walder, Chief Executive Officer of Swiss media company Ringier and Gianluigi Bianchi, Managing Partner for Europe of Wealth-X to undertake the ALS Ice Bucket Challenge.

Source @ Wikipedia

View full profile