Friday 5 March 2021 7:33 am

UBS bonus pot jumps to $3.3bn during pandemic year

Employees at UBS earned higher bonuses in 2020, as bumper pandemic profits saw extras at the bank rise by 24 per cent to $3.3bn during the year.

Executives collected compensation of $125m in 2020, up from $109m the year before Covid hit, the bank’s annual report showed on Friday.

Bonuses had risen by 1 per cent on a per capita basis at Switzerland’s largest lender.

Former CEO Sergio Ermotti, who left the bank in October, was awarded a total of $14.3m.

Meanwhile, incoming CEO Ralph Hamers earned $4.5m in his first four months at the bank.

Executives in April pledged to contribute the equivalent of three months’ salary to fight the coronavirus, amounting to almost $5.5m.