Top UBS bankers have lost SFr300m (£180m) of cash bonuses because the Swiss bank made a loss last year.
Top UBS bankers have lost SFr300m (£180m) of cash bonuses because the Swiss bank made a loss last year.
The clawback is the first by any bank since moves by the industry to introduce new guidance on pay. UBS acted first in an effort to allay anger in Switzerland about the taxpayer bail-out and the damage caused to the country’s strong banking heritage.
In an internal memo to staff, Oswald Gruebel, chief executive, said: “The critical condition, a net profit for 2009 according to International Financial Reporting Standards, was not met.”
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Some SFr900m of cash bonuses awarded to senior investment bankers in 2009 were to be paid in three equal instalments in 2010, 2011 and 2012. The remaining SFr600m will be paid if targets are met.
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