11:55 AM EDT, 04/10/2024 (MT Newswires) -- UBS (UBS) Chief Executive Sergio Ermotti's compensation of 14.4 million Swiss francs ($15.8 million) for his first nine months on the job last year reportedly has drawn criticism from Switzerland's finance minister, media outlets reported Wednesday.

Karin Keller-Sutter expressed "concern" in a news conference about the level of compensation for executives not just at UBS but also at other companies, according to the reports.

Ermotti's compensation reportedly has made him the highest-paid European bank chief.

"In the last couple of years this has led to an alienation between companies and the people," Keller-Sutter was quoted as saying.

UBS did not immediately reply to a request for comment from MT Newswires.

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