UBS boss Ermotti's pay stays at $19.1 million in 2025 (updated)

Novartis AG

09/03/2026 06:05

Recasts and writes through

By Ariane Luthi

ZURICH, March 9 (Reuters) - UBS UBSG.S kept CEO Sergio Ermotti's total compensation steady at 14.9 million Swiss francs ($19 million) last year amid scrutiny of the bank as it pushes back against government proposals on capital levels, and criticism of CEO pay packets more broadly.

But UBS, which became Switzerland's largest bank after a government-engineered emergency takeover of Credit Suisse in 2023, lifted its group-wide bonus pool by 10% to $5.1 billion on improved earnings.

The bank's net profit jumped 53% to $7.8 billion last year and the integration of Credit Suisse has proceeded smoothly.

Proposed changes to the Swiss capital framework would require UBS to hold additional Common Equity Tier 1 (CET1) of around $22 billion, the bank said in its annual report, updating its previous guidance of an extra $24 billion.

The government's final proposal is set to be announced in the coming weeks. Swiss authorities argue the extra capital requirements are necessary to protect the country's economy in times of stress on the banking system, while UBS contends the measure would render it uncompetitive.

High bonuses for CEOs have also come under fire.

Finance Minister Karin Keller-Sutter, who is in charge of the current banking regulation overhaul, said in 2024 that she would have to work for 30 years to earn the equivalent of Ermotti's pay.

Swiss pharma giant Novartis' CEO Vasant Narasimhan received a 24.9 million Swiss franc compensation package for 2025, which proxy advisory firm Ethos has called "particularly excessive".

($1 = 0.7793 Swiss francs)

 (Reporting by Ariane Luthi, Editing by Miranda Murray and Edwina Gibbs)

 ((Ariane.Luthi@thomsonreuters.com;))