UBS bank bosses rebuff £18.1m bonus

UBS bank bosses rebuff £18.1m bonus




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Three former bosses at troubled Swiss bank UBS, who oversaw huge losses during the subprime crisis, have turned down £18.1 million in salary and additional payments.

Ex-chairman Marcel Ospel, former vice president Stephan Haeringer and ex-chief financial officer Marco Suter have voluntarily gone without their bonuses, saying they “want to make it clear that they are acting up to reality.” They left after the gigantic scale of the losses was made public.

After writing down losses of almost £32 billion since the subprime crisis, the Swiss government launched a bailout package for UBS worth almost £40 billion.

Although UBS have said that other employees may still receive bonuses, Chairman Peter Kurer will stop being paid bonuses next year, and has already foregone his bonuses from 2007 and 2008.

UBS commented that “the move to forfeit the remuneration is entirely voluntary and should in no way be construed as an admission of guilt in a legal sense.”

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