UBS AG Hikes CEO’s Pay By A Fifth

UBS AG (NYSE:UBS), Switzerland’s largest bank by assets, hiked its CEO’s pay by 21% over his pay package for the previous year.

However, the bank’s re-engineered investment bank head became its most highly paid executive.

CEO received $12.3 million

In its annual report published Friday, UBS AG (NYSE:UBS) revealed it hiked chief executive Sergio Ernotti’s pay by a fifth last year to 10.73 million Swiss francs ($12.30 million). However, the highest paid executive of the bank was its investment banking chief Andrea Orcel, who earned...