UBS cuts bonus pool, CEO's pay in 'challenging' year

Zurich

UBS Group AG handed out the smallest bonuses in four years and lowered chief executive officer Sergio Ermotti's payout as profit slumped last year.

The bank cut the bonus pool for 2016 by 17 per cent to 2.9 billion Swiss francs (S$4.1 billion), according to its annual report published on Friday. Mr Ermotti, 56, remains the highest-paid executive at the Zurich-based lender, with a total compensation of 13.7 million francs, down from the 14.3 million francs he received in 2015. That includes 10.9 million francs in variable compensation for his fifth full year in the top job.