The salary of the best paid banker
The head of the Swiss bank group UBS AG, Sergio Ermotti, was last year the highest general manager among the largest banks in Continental Europe, while the head of UniCredit Spa, Andrea Ocel, has achieved the highest income increase, Bloomberg reports.
According to Bloomberg calculations, Ermott’s total compensation in 2024 was located at 14.9 million Swiss francs (15.6 million euros), well above the average level of the revenues of the general directors from the 10 largest banks in the region. ORCEL was not long ago, with 13.2 million euros, due to a 32% increase in remuneration, the most significant advance among its counterparts.
Sergio Ermott was one of the highest paid bank directors in Europe in 2023, when he won 14.4 million francs for the nine months he spent supervising Credit Suisse integration, which the UBS recently took over.
Last year, many banks in Europe reported significant profits, against the background of higher interest rates, which allowed them to increase the rewards given to investors. The share of the actions increased significantly, and the rally accelerated in the first quarter of 2025.
Ermott and Orcel were criticized by investors because of their remuneration. UBS and UniCredit argued that the compensations are justified, citing the performances made by banks and the fierce competition for talents.
« This adjustment is necessary to stimulate the commitment of the general director in a competitive market market », according to the UniCredit statement about the remuneration granted to Orcel, according to the criticisms of the FRMA ISS.
Most of the payments that Ermott and Orcel benefit from are related to long -term stimulation plans, which means they will not receive the money at this time. The final value of the remuneration can modify, depending on the evolution of the shares of the actions.
Most of the increase of payments to bankers took place at the banking investment divisions, which reported solid results in 2024.
The heads of Credit Agricola, Philippe Brassac, and ING Groep, Steven Van Rijswijk, are at the lower limit in the list of payments from the 10 largest banks in Europe.
