UBS CEO Gets 11% Pay Increase In 2022 While Slashing Bonuses: Report

Investment banking major UBS Group AG UBS Chief Executive Officer Ralph Hamers got an 11% increase in his compensation in 2022.
The CEO's hike happened when the bonuses for the rest of the company were slashed by about 10% to $3.3 billion, Bloomberg reported.
The report noted that the increase makes Ralph one of the best paid executives in Europe, with CHF 12.2 million ($13 million).
"Ralph Hamers successfully led UBS through a challenging year and delivered good financial results despite significant headwinds due to geopolitical and macroeconomic developments," the report cited UBS.
UBS' profit for FY22 rose over 2%, with cost cuts making up for lower revenue.
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Price Action: UBS shares closed higher by 3.08% at $22.12 on Friday.
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