UBS tamps back CEO pay after French court blow, earnings miss

ZURICH (Reuters) – UBS Chief Executive Sergio Ermotti cashed in less money in 2019 as the bank made pay concessions related to a French tax case and missed earnings goals during his last full year as CEO.

Ermotti, who is due to be replaced by ING head Ralph Hamers in November, was awarded a total 12.5 million Swiss francs ($12.8 million) in salary and bonus for 2019, down from 14.1 million francs the year before, the Swiss bank’s annual report showed on Friday.

UBS unveiled an amended executive bonus system, incorporating metrics related to the French tax case which last year sparked shareholder ire, as well as shareholder and capital returns.

(Reporting by Brenna Hughes Neghaiwi; editing by Thomas Seythal)