Friday, March 15, 2013

UBS handed out CHF2.5 billion ($2.6 billion) in bonuses despite losses...

UBS handed out CHF2.5 billion ($2.6 billion) in bonuses to top employees last year, the same amount as its annual losses recorded in 2012. The bank’s newest executive received a soon-to-be-banned “golden hello” bonus worth CHF25 million.

The UBS profit and payment revelations, contained in its annual report released on Thursday March 14, come two weeks after Swiss voters chose to limit executive compensation through the so-called “Minder initiative”.

The bank’s chairman Axel Weber defended the bonuses of, on average, CHF6.4 million per executive, stating that despite UBS’s loss, its executives helped make “good progress” in securing the bank’s future and solving its past problems. He stressed the net loss was largely due to reorgansation costs and added that the bank’s executives had to accept about 10 per cent lower bonuses than last year, just like other bank employees.

In 2011, UBS gave out CHF2.6 billion in bonuses, 40 per cent less than in the previous year. Its 2009 highest earner, Carsten Kengeter, stepped down last year amid UBS’s buyout of Bank of America Merrill Lynch and the subsequent reorganisation. Full story...

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