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UBS cuts Sergio Ermotti's pay after French court blow, overhauls bonus scheme

UBS cuts Sergio Ermotti's pay after French court blow, overhauls bonus scheme

Friday, February 28, 2020, 9:21 PM

UBS Chief Executive Sergio Ermotti cashed in less money in 2019 as the bank made pay concessions related to a French tax case and missed earnings goals during his last full year as CEO. UBS denies wrongdoing and is appealing against the ruling that it pay 4.5 billion euros in penalties. A retrial at an appellate court is set for June.
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