World Economy

Pay Rise

Pay RisePay Rise

UBS Group AG raised Chief Executive Officer Sergio Ermotti’ total compensation by 4% to 11.2m francs ($11.1m) and restated fourth-quarter profit, Bloomberg reported. UBS took provisions of 134 million francs at the investment bank after agreeing to pay about the same amount to settle a US lawsuit related to currency rigging, it said in a statement Friday. This lowered full-year profit by 105m francs to 3.5b francs. Ermotti’s pay included variable compensation and benefits of 8.7m Swiss francs on top of a base salary of 2.5m francs. He earned a total of 10.7m francs in 2013.