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On June 12, 2023, UBS officially swallowed its long-time rival CS. Since then, the senior management around CEO Sergio Ermotti has managed to build confidence in the new giant bank, driven by private profits of 25 billion francs in the first half of the year.
This has had an impact on the share price: it has risen by a third since the beginning of the year. This means, as the “Sonntags-Zeitung” points out, that top management is now making money.
Actively sold shares
UBS management members, or permanent board members, have received around 16 million francs from share sales in eight tranches since the beginning of the month, according to the Swiss stock exchange. Thanks to the takeover of CS, this amounts to a private profit of 4.3 million francs.
According to the UBS annual report, UBS employees held shares worth $4.6 billion at the end of 2022. Their value today would be 6.3 billion francs.
High special awards for senior staff
The majority of the shares go to senior staff. At the beginning of the year, senior management, excluding UBS CEO Sergio Ermotti (63), owned 9 million UBS shares worth 154 million francs. If he still held the 4 million UBS shares he held in 2020, its value would have increased from 68 million francs at the beginning of the year to 94 million francs. Special prize of 26 million francs!
Sabine Keller-Busse (58), head of UBS Switzerland, made a private profit of 10 million francs with her 1.5 million shares. Asset management boss Iqbal Khan, 46, has just under a million shares, meaning his private profit is 6.1 million francs. Chairman of the Board of Directors Colm Kelleher (66) has a private profit of around 2.2 million francs with his 340 thousand shares.
Thanks to the CS merger, management and the board of directors achieved a total increase in assets of around 100 million francs. However, this is not possible to happen immediately; Two-thirds of the shares are still blocked.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
