Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  UBS Group AG    UBSG   CH0244767585

UBS GROUP AG

(UBSG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

UBS : CEO Sees Pay Cut After Bank Misses Key Targets

share with twitter share with LinkedIn share with facebook
share via e-mail
02/28/2020 | 03:00am EDT

By Pietro Lombardi

 

UBS Group AG outgoing Chief Executive Sergio Ermotti received a pay cut last year after the bank cut its midterm targets and was slapped with a hefty fine related to a French tax-evasion case.

Mr. Ermotti closed the last full year at the helm of the Swiss bank with a 5% decline in net profit for the year, as lingering geopolitical tensions, slowing global growth, and intensifying interest-rate headwinids took a toll on the performance of the Swiss bank. UBS cut its mid-term guidance after missing its key targets for 2019. It also received a multibillion-dollar fine related to a French tax-evasion case.

The outgoing CEO, who will be replaced by ING Groep NV's Ralph Hamers in November, received 12.5 million Swiss francs ($12.9 million) last year, down from CHF14.1 million in the previous year, the bank's annual report released Friday shows.

While the base salary was stable at CHF2.5 million, the variable compensation fell.

UBS revised its compensation system and included the outcome of the French case among the metrics used.

"For 2019, to further enhance alignment with shareholders on the French cross-border matter, we have also introduced a new additional vesting condition for the Chairman, the Group CEO and certain other [executive board] members, which links a portion of their 2019 equity compensation to the final resolution of the French cross-border matter," Julie Richardson, chair of the compensation committee, said in a letter to shareholders.

"This underlines their accountability for the successful resolution of the matter in the best interest of shareholders even though the underlying issue is a legacy matter," she said.

In February last year, French judges ordered the Swiss bank to pay a 3.7-billion-euros ($4.1 billion) fine for helping wealthy clients in France evade taxes. It was also ordered to pay EUR800 million in damages to the French government for lost tax revenue.

The bank appealed the fine and a trial is scheduled for June. UBS, which has denied any criminal wrongdoing, has set aside roughly $505 million in provisions for this case.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ING GROEP N.V. -4.04% 4.62 Delayed Quote.-56.77%
UBS GROUP AG -1.50% 8.656 Delayed Quote.-29.19%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on UBS GROUP AG
04/01GLOBAL MARKETS LIVE: Xerox gives up on HP, Marriott hacked again…
03/31Europe's Banks Urged to Cut Dividends to Shore Up Capital
DJ
03/31UBS : Five UBS Advisors in Greater New England Named to Barron's Top 1200 State ..
BU
03/30UBS : Publishes Agenda for the Annual General Meeting of UBS Group AG on 29 Apri..
DJ
03/30UBS : publishes agenda for the Annual General Meeting of UBS Group AG on 29 Apri..
PU
03/25UBS : Elects Not to Exercise Its Acceleration Option for ETRACS 2xMonthly Pay Le..
BU
03/24UBS : Suspends Further Sales of VelocityShares(TM) 1X Daily Inverse VSTOXX Futur..
DJ
03/24UBS : Suspends Further Sales of VelocityShares™ 1X Daily Inverse VSTOXX Fu..
BU
03/24Coronavirus, Market Mayhem a Tough Combination for Wall Street Traders
DJ
03/24UBS : Suspends Further Sales of ETRACS ProShares Daily 3x Long Crude ETN Linked ..
BU
More news
Financials (CHF)
Sales 2020 28 282 M
EBIT 2020 5 511 M
Net income 2020 3 668 M
Debt 2020 10 703 M
Yield 2020 8,02%
P/E ratio 2020 7,91x
P/E ratio 2021 7,62x
EV / Sales2020 1,50x
EV / Sales2021 1,48x
Capitalization 31 778 M
Chart UBS GROUP AG
Duration : Period :
UBS Group AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends UBS GROUP AG
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 11,64  CHF
Last Close Price 8,79  CHF
Spread / Highest target 82,1%
Spread / Average Target 32,4%
Spread / Lowest Target -44,3%
EPS Revisions
Managers
NameTitle
Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group Chief Operating Officer
Kirt Gardner Group Chief Financial Officer
Reto Francioni Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
UBS GROUP AG-29.19%33 948
BLACKROCK, INC.-16.84%68 482
BANK OF NEW YORK MELLON CORPORATION (THE)-33.16%29 809
T. ROWE PRICE GROUP INC-20.27%22 788
STATE STREET CORPORATION-34.06%18 876
NORTHERN TRUST CORPORATION-27.60%15 791