UBS chief government Ralph Hamers loved an 11 per cent pay bump final 12 months, however the Swiss financial institution’s general bonus pool was minimize by a tenth.

Hamers earned a complete of SFr12.2mn ($13mn) in pay and bonuses, up from SFr11mn the 12 months earlier than, the financial institution mentioned in its annual report on Monday.

UBS loved a powerful end to final 12 months because it benefited from shoppers defecting from rival Credit score Suisse, which has been beset by a number of crises. Whereas the financial institution’s wealth administration enterprise shone, its world markets division was hit by the broader slowdown in capital markets.

The Swiss lender’s general bonus pool dropped by 10 per cent to SFr3.3bn from the earlier 12 months. For the entire of 2022, earnings on the financial institution edged up by simply 2 per cent.

UBS returned a complete of $7.3bn to shareholders in 2022 and has mentioned it would enhance its dividend by 10 per cent.