UBS’s outgoing chief executive Sergio Ermotti saw his pay decline in his final full year as CEO, as the bank cited negative interest rates and geopolitical concerns as reasons for a declining bonus pool.
Mr Ermotti received a total pay packet of CHF 12.5 million in 2019 (£10 million) down 11.4 percent on 2018’s CHF 14.1 million.
He received fixed compensation of CHF 2.8 million, in line with 2018, with a bonus of CHF 9.7 million, down 14.5 percent year-on-year. Mr Ermotti, it was announced this month, will be succeeded by ING chief executive Ralph Hamers...