Finance

UBS chief’s surprise return to the Swiss banking giant bagged him a $15.9 million paycheck

Published

10 months ago

April 3, 2024

Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023.

Arnd Wiegmann | Afp | Getty Images

UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse.

The bank announced in late March that Ermotti would return for a second spell as CEO, replacing Ralph Hamers from April 5 last year, as UBS undertook the mammoth task of integrating Credit Suisse’s business. Ermotti’s previous tenure ran from 2011 to 2020.

Hamers earned 12.6 million Swiss francs in 2022 during his last full year as CEO, according to UBS’ annual report published on Thursday.

The figures total base and variable compensation.

In total, the bank’s executive board picked up a 140.3 million Swiss franc pay package in 2023, a significant increase from the previous year’s 106.9 million francs.

Bonuses paid to employees at the new combined bank totaled $4.5 billion, UBS revealed, the majority of which was paid in cash.

This marked a 14% reduction compared with the aggregate 2022 pool of $5.3 billion for the combined entities, as UBS looks to cut costs as part of its integration of Credit Suisse.

The bank last month reported a second consecutive quarterly loss on the back of integration costs, but continued to deliver strong underlying operating profits.

UBS shares have gained more than 52% since Ermotti took the reins on April 5, 2023.

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Published

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January 17, 2025

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Finance

Capital One acknowledges ‘outage’ as users report issues accessing deposits

Published

1 day ago

January 17, 2025

Business Finance News

Capital One said an unspecified technical issue was hampering customer account access Thursday, as some users reported issues with direct deposits.

In response to complaints on social media platform X, a Capital One representative said the bank was experiencing a “tech outage” that was affecting “a variety of functions,” with no timetable for a restoration of services.

Just before noon Thursday, the company released an official statement about the problem.

“We are experiencing a technical issue with a third-party vendor that is temporarily impacting some account services, deposits, and payment processing for portions of our consumer, small business, and commercial bank,” it said.

Late Thursday, the vendor, Fidelity Information Services (FIS) released a statement saying it was working to restore applications affected by a local area power outage at one of its data centers. An FIS spokesperson did not respond to multiple follow-up questions.

According to Downdetector.com, which tracks reports of user complaints about digital services, the issues began around 6 a.m. ET, with some 2,000 reports observed.

The site indicated the frequency of reports had started leveling off around 9 a.m. ET, but by 4 p.m., there had still not been a significant reduction in complaints registered.

The issues at Capital One come a day after Citibank acknowledged a problem affecting customers’ ability to access their accounts from mobile devices, as well as an apparent issue related to fraud alerts. While the mobile access issue appeared to have been resolved, a Citi rep said on X on Thursday it was still working to fix the fraud-alert item.

Earlier this month, the Consumer Financial Protection Bureau sued Capital One, alleging it misled customers about its savings-account offerings. Capital One has denied the allegations.