UBS CEO Ralph Hamers’ salary rises 11% but overall bonus pool falls

UBS boss Ralph Hamers enjoyed an 11 percent pay rise last year, but the Swiss bank’s overall bonus pool was cut by a tenth.

Hamers earned a total of 12.2 million francs ($13 million) in salaries and bonuses, up from 11 million francs a year earlier, the bank said in its annual report on Monday.

UBS had a strong last year as it benefited from client churn from competitor Credit Suisse, which has been beset by multiple crises. While the bank’s wealth management business shone, its global markets division was hit by the general slowdown in capital markets.

The Swiss lender’s entire bonus pool fell by 10 percent year-on-year to CHF 3.3 billion. For the full year of 2022, the bank’s profits grew just 2 percent.

UBS returned a total of $7.3 billion to shareholders in 2022 and has announced it will increase its dividend by 10 percent.