March 9, 2018 / 6:33 AM / 9 months ago

UBS CEO Ermotti's pay rises to $14.9 million

CEO Sergio Ermotti of Swiss bank UBS speaks at the annual news conference in Zurich, Switzerland January 22, 2018. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - UBS Chief Executive Sergio Ermotti received 14.2 million Swiss francs ($14.92 million) in total compensation for 2017, up from 13.7 million francs a year earlier, Switzerland’s biggest bank said on Friday.

The aggregate performance award pool for the group executive board rose 3.1 percent for 2017 to 74.2 million francs.

“This increase... compares with an increase of 16 percent in adjusted profit before tax and a 6 percent increase in the overall performance award pool of the firm,” it said in its annual compensation report.

The rise marks a return to growth after a 17 percent decline in staff bonuses in 2016 and a 5.2 percent drop in compensation for Ermotti.

The company’s annual report showed late additions to provisions, since UBS reported results in January, had pushed down 2017 operating profit before tax by 141 million francs and net profit attributable to shareholders by 112 million.

Net profit attributable to shareholders was 1.1 billion francs in 2017.

UBS saw operating profit rise by nearly a third in 2017 amid record inflows to its flagship private banking business. Its bottom line, however, was hit by a one-off writedown triggered by U.S. tax reform.

(This story has been refiled to read “This increase” in paragraph 3)

Reporting by Michael Shields and Brenna Hughes Neghaiwi; Editing by Sherry Jacob-Phillips & Shri Navaratnam

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