* Ermotti is bank’s top earner
* Americas head McCann paid 8.56 mln Sfr
* Chairman Weber paid 3.57 mln Sfr
* UBS shareholder meeting on May 2 (Adds detail)
ZURICH, March 14 (Reuters) – UBS paid Chief Executive Sergio Ermotti 8.87 million Swiss francs ($ 9.3 million) for 2012, in which it announced plans to fire 10,000 staff.
Ermotti’s remuneration could attract criticism in Switzerland, where bankers’ pay remains a heated issue five years after the near collapse of UBS in 2008, blamed by many on a culture of big bonuses driving bankers to make risky investments.
Swiss citizens this month voted to give shareholders a binding vote on remuneration, representing the world’s strictest controls on executive pay.
Ermotti was the Swiss bank’s highest earner last year, pipping Americas head Robert McCann, who was paid most in 2011. McCann earned 8.56 million francs in 2012, compared with 9.18 million in 2011.
Ermotti’s pay is a 40 percent increase on 2011, but he only joined the bank in April of that year and was named CEO in November 2011 after a $ 2 billion rogue-trading scandal felled his predecessor, Oswald Gruebel.
The CEO’s base pay was 2.5 million francs, with more than 6 million francs in bonus awards, according to UBS’s annual report on Thursday.
The news follows another turbulent year for UBS, which posted a full-year net loss after saying it would fire 10,000 employees and wind down large parts of its fixed-income business.
In December UBS said it would have to pay $ 1.5 billion to settle its role in a multi-year global rate-rigging scheme.
“Despite these developments, the group made significant progress under Mr. Ermotti’s leadership,” UBS told shareholders in its annual report. “He successfully led the firm in the implementation of its strategy.”
UBS Chairman Axel Weber, whose 4 million franc signing-on fee sparked enough shareholder anger to garner a one-third opposition to the bank’s overall pay scheme last year, earned 3.57 francs in 2012.
UBS’s shareholder meeting is on May 2.
Before then, rival bank Credit Suisse is expected to disclose its top management and board pay on March 22.
UBS cut its overall bonus pool for 2012 by 7 percent to 2.5 billion francs and introduced a scheme under which bankers can be paid in a form of deferred financial instruments that are revoked if the bank’s capital targets are not met.
($ 1 = 0.9518 Swiss francs) (Reporting By Katharina Bart; Editing by David Goodman)
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UPDATE 1-UBS chief executive paid $9 mln after revamp
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