UBS revises down quarterly profit, increases CEO pay

Sergio Ermotti Interview Pic

UBS has revised down its fourth-quarter net profit by $104.5m primarily because it increased litigation provisions to $3.03bn.

Reuters reports that the adjustment to net profit attributable to shareholders means that the total for 2014 is now $3.45bn, down from the $3.55bn initially reported in February.

The increase in litigation provisions was because of a settlement in a U.S. antitrust lawsuit in which investors accuse some banks of collusion in the $5.3 trillion-a-day foreign exchange market.

In the meantime, Bloomberg News reports that UBS  has raised Chief Executive Officer Sergio Ermotti’ total compensation by 4% to $11.1m.

The CEO’s raise comes after a year in which UBS succeeded in raising its capital ratio to the targeted 13 percent after shrinking its investment bank and restructuring its business to focus on wealth management.

UBS raises litigation provisions, lowers reported quarterly profit

UBS Raises Ermotti’s Compensation 4% as Bank Restates Profit

 

 

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