Bigger is better.
Bloomberg News reports that UBS boosted CEO Sergio Ermotti’s pay and increased the bank’s bonus pool by about 6% after underlying profit rose.
The bank boosted the bonus pool for 2017 to $3.3bn, according to its annual report published on Friday. Ermotti remains the highest-paid executive, earning $14.9m, up from the $14.4m he received in 2016. That includes $11.9m in variable compensation.
UBS’s investment bank allocated the biggest discretionary payouts to the highest revenue generators and younger employees as competition from other industries intensifies, people with knowledge of the matter said last month.
Total fixed and variable compensation for top 12 executives at the bank totaled about $102.9m the bank said. Axel Weber, the bank’s chairman, received total pay of about $6.1m last year, slightly below the year-earlier figure.
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