UBS chief gets 11% pay rise despite reduction in bonus pool to be shared among colleagues
The boss of Swiss banking giant UBS enjoyed an 11% increase in his total salary package to almost £11m last year, despite his bonus pool to be shared among staff being reduced.
Ralph Hamers, the chief executive, took home 12.2m Swiss francs (£10.9m) as net profit rose 2% year-on-year, he revealed in his annual report.
That was 11% more than the £9.8m he pocketed in 2021. The bank, which operates globally, made a net profit of £6.8bn in 2022, up 2% from 2021, after ending the year with a record volume of loans and deposits with its customers.
Pay rise: UBS boss Ralph Hamers (pictured) took home 12.2m Swiss francs (£10.9m) as net profit rose 2% year-on-year ‘other
However, the colleagues’ bonus pot reached £2.9bn, down 10% from the £3.25bn awarded in 2021.
The bonuses generally reflect the financial performance of the group, as well as the performance of certain divisions, teams and individuals, the bank said.
It came despite the 2% increase in Swiss francs in the bonus pool for UBS Group management. UBS said it was making progress toward its goals of increasing the representation of women and ethnic minorities.
Women held 28% of director and above positions globally, and ethnic minority staff held 23% of director and above positions in the UK.
“Geopolitical events should remain a concern for investors,” he warned, given Russia’s war in Ukraine and tensions between China and the United States.
