UBS chief enjoys an 11% pay boost despite cutting bonus pool

The boss of Swiss banking giant UBS enjoyed an 11 per cent boost in his total pay package to nearly £11million last year, despite reducing its bonus pool to share among staff.

Ralph Hamers, the chief executive, took home 12.2m Swiss francs (£10.9million) as net profit rose 2 per cent year-on-year, it revealed in its annual report.

That was 11 per cent higher than the £9.8million he pocketed in 2021. The bank, which operates globally, raked in a net profit of £6.8billion in 2022, up 2 per cent on 2021, after finishing the year with a record volume of loans and deposits across its customers.

However, colleagues’ bonus pot hit £2.9billion, down 10 per cent from the £3.25billion awarded over 2021. 

Bonuses generally reflect the group’s financial performance, as well as the performance of certain divisions, teams and individuals, the bank said.

It came despite the bonus pool for UBS’s group executive board increasing by 2 per cent in Swiss franc terms. UBS said it was making progress towards goals of increasing female and ethnic minority representation. 

Women had 28 per cent of director and above roles globally, and ethnic minority staff held 23 per cent of director and above roles in the UK.

‘Geopolitical events look likely to remain a concern for investors,’ it cautioned, given Russia’s war in Ukraine and tensions between China and the US.