UBS bonus clawback shrinks compensation pool by $278 million
UBS has put its bonus clawback into effect to cut bonuses at the bank by Sfr300 million ($278 million). The move, which represents a 10% cut for directors’ pay, is part of a three-year incentive scheme to better align remuneration to risk management at the Swiss bank.
The compensation reduction – which is restricted to senior bankers – was prompted by the bank’s failure to make a profit for 2009. Instead the Zurich and Basel-based bank recorded a loss of Sfr2.7 billion for the year.
“The
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