UBS CEO Sergio Ermotti is the best-paid boss among top European banks.

UBS Group AG’s CEO, Sergio Ermotti, earned 14.4 million Swiss francs (equivalent to $15.90 million) in 2023, making him the highest-paid executive among leading European banks last year. In April 2023, he returned to UBS to lead the multi-year project of the emergency takeover of Credit Suisse. Prior to this, he had served as CEO of the banking group from November 2011 to October 2020. Currently, he is managing the integration of Credit Suisse into UBS as its former rival. In 2023, the UBS Group’s annual net profit was $27.8 billion.

Ermotti’s pay package, which included 12.2 million francs in variable pay, makes him one of the highest-paid executives among Swiss-listed companies. However, he was still behind Novartis boss Vas Narasimhan, who took home more than 16 million francs.

CEOWORLD magazine reviewed the pay packages of Europe’s largest banks by market capitalization. Ermotti’s pay came out on top, ahead of HSBC CEO Noel Quinn, who earned $10.6 million, and Santander’s Executive Chair Ana Botin, who earned $13.2 million. Ermotti’s predecessor as CEO, Ralph Hamers, earned 12.6 million francs in 2022.

Their bonuses made them the highest-paid CEOs of a publicly traded European bank in both years, but still put them well below the CEO pay at major U.S. banks. JPMorgan’s Jamie Dimon was paid $36 million in 2023, mostly in performance pay. What did the ten big financial firm CEOs get paid in 2023?

The compensation received by CEOs of major financial firms in 2023 ranged from around $25 million to $35 million, with some experiencing an increase in pay and others a decrease. The disclosures of these payments provide insight into how bank boards’ compensation committees made pay decisions at the end of a turbulent year. In this article, we will take a look at the pay received by the CEOs of UBS Group AG, JPMorgan Chase, Morgan Stanley, Bank of America, Wells Fargo, Ameriprise Financial, Raymond James, Goldman Sachs, and Citigroup in 2023, according to the banks’ reporting and an analysis by CEOWORLD magazine.