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UBS executives made $124.78 million in COVID-hit 2020

Executives in April pledged to contribute the equivalent of three months' salary to fight the coronavirus, amounting to some 5.1 million francs for the thirteen executives present at the time

twitter-logoReuters | March 5, 2021 | Updated 14:33 IST
UBS executives made $124.78 million in COVID-hit 2020

UBS executives collected compensation of 115.9 million Swiss francs ($124.78 million) in 2020, up from 102.1 million francs for the year before the pandemic hit.

Former Chief Executive Sergio Ermotti, who left the bank in October, was awared a total 13.3 million francs in salary and bonuses for the first ten months of the year, the Swiss bank's annual report showed on Friday. That compared to 12.5 million francs for the full-year of 2019.

Incoming CEO Ralph Hamers, meanwhile, earned 4.2 million francs in his first four months at the bank, which included a two-month transition phase before assuming the head role.

Executives in April pledged to contribute the equivalent of three months' salary to fight the coronavirus, amounting to some 5.1 million francs for the thirteen executives present at the time.

The bank last year, under pressure from investors over a multi-billion euro French tax case it is currently appealing, unveiled an amended executive bonus system, taking into account the French tax case, as well as its shareholder and capital returns.

Also read: Cognizant offers bonuses to 1.6 lakh employees, promotions to over 24,000

Also read: Why Wipro share fell 4% post IT firm's largest acquisition ever

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