Sergio Ermotti is the highest paid banker in Europe
Keystone-SDA
UBS CEO Sergio Ermotti was the highest earning CEO of the largest banks in Europe last year.
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The executive from canton Ticino earned CHF14.9 million ($16.9 million) in total remuneration for 2024, which puts him well above the average income of the heads of the ten largest banks in Europe, according to calculations published on Tuesday by the Bloomberg agency.
Also in the front row, with €13.2 million (CHF12.6 million), is the CEO of Italy’s Unicredit Andrea Orcel, who received the largest increase in remuneration in the year under review: +32%.
Last year, many banks in Europe posted sky-high profits thanks to rising interest rates, which allowed them to increase their remuneration. Share prices rose sharply and the rally accelerated further in the first quarter of this year.
+ Top Swiss CEOs earn 143 times more than lowest paid staff
Third on Bloomberg’s list is the CEO of Deutsche Bank, Christian Sewing, with €9.8 million. Off the podium is Santander’s CEO, Hector Grisi, with €8.3 million, which is still above the average of €7.6 million.
Below are Onur Genc of Bbva and Carlo Messina of Intesa Sanpaolo with €7.3 million. They are followed by Slawomir Krupa of Société générale with €5 million and Jean-Laurent Bonnafe of Bnp Paribas at €4.2 million. The list is closed by the CEO of Ing, Steven van Rijswijk, with €2.7 million and Philippe Brassac of Crédit Agricole with €2.6 million.
Translated from Italian by DeepL/ts
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