UBS’ near 60,000 global employees shared a collective bonus pool of CHF 3.5 billion (£2.5 billion) last year, a 14% rise on the prior year’s figure.
The Swiss bank reveals the rise in bonus increase in its 2015 annual report, released on Friday. UBS says the increase is down to a rise in performance-related payouts, in part because litigation and regulation are having a lessening impact on its business.
UBS says in its annual report: “Our compensation decisions reflect our commitment to deliver competitive compensation for excellent performance while balancing returns to our investors and meeting global regulatory capital requirements.”
UBS’ executive board bonus pool was CHF 71.25 million (£50.9 million). CEO Sergio P. Ermotti took home a total of CHF 14.3 million (£10.2 million), of which CHF 11.5 million (£8.2 million) was variable. His base salary of CHF 2.5 million (£1.8 million) remained unchanged.
UBS recently announced a pay freeze for investment bankers. The bank has also begun scoring employees specifically on their behaviour, meaning year-end bonuses could be affected by whether they act ethically or are team players. It will be interesting to see how this effects 2016’s bonus pool.