UBS Group is paying Chief Executive Officer Sergio Ermotti significantly more than his predecessor, according to news reports.

The Swiss bank disclosed on Thursday that Ermotti, who took over the reins last April after UBS acquired Credit Suisse in a government-brokered deal, earned 14.4 million Swiss francs in 2023, or $15.9 million, Reuters writes, citing the company's annual report.

Ralph Hamers, Ermotti's predecessor, earned 12.6 million francs in 2022, or about $13.91 million at the current exchange rate.

UBS also said on Thursday that Ermotti "has committed to stay at least until the completion of the integration process, if not longer," according to the news service.

In addition, the bank disclosed that Swiss regulators' review of Credit Suisse's implosion last year could lead to tighter financial regulation, and that it was conducting its own assessment of possible misstatements in Credit Suisse's financial reports, Reuters writes.

"UBS expects to adopt and implement further controls and procedures following the completion of such review and discussions with regulators," the company said, according to the news service.

Ermotti may be the highest-paid bank chief in Europe — HSBC's Noel Quinn made $10.6 million, while Santander executive chair Ana Botin earned 12.24 million euros, or around $13.21 million, according to Reuters — but his compensation is well below that of all major U.S. bank CEOs.

The highest-paid bank chief in the U.S. last year was James Gorman, who served his last year as CEO of Morgan Stanley in 2023 and earned $37 million.

JPMorgan Chase's CEO Jamie Dimon was a close second, with $36 million, while Goldman Sachs' David Solomon earned $31 million and Brian Moynihan was paid $29 million. Citigroup paid CEO Jane Fraser $26 million.