UBS recovers some bonuses
26/11/08 01:13 Filed in: Economics
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http://www.ft.com/cms/s/0/d54991b0-bb2c-11dd-bc6c-0000779fd18c.html
Ex-UBS executives forfeit pay
By Haig Simonian in Zurich
Published: November 25 2008 20:51 | Last updated: November 25 2008 20:51
UBS’s attempts to persuade former top executives to repay big pay packages handed out at the height of the credit boom gained a surprise boost on Tuesday when Marcel Ospel, chairman of the Swiss bank until April, and two colleagues agreed to forgo SFr33m (€21m).
The move, following last week’s decision by Peter Wuffli, former chief executive, to renounce SFr12m, comes ahead of a shareholders’ meeting in Lucerne on Thursday to approve a government bail-out.
Later there is a direct quote from Ospel. He appears to be speaking for the three executives.
“I hope that my action will help to resolve a situation that was inconceivable to me until a short while ago,” said Mr Ospel. The three men said they “want to make clear that they are facing up to reality” and accepted in hindsight that some decisions “would have been taken differently”.
In the spirit of full disclosure I worked for Swiss Bank Corp prior to its reverse take over of Union Bank of Switzerland. The merged company was named UBS and was largely run by SBC management initially. Marcel Ospel was the head of SBC at the time of the merger.
John
http://www.ft.com/cms/s/0/d54991b0-bb2c-11dd-bc6c-0000779fd18c.html
Ex-UBS executives forfeit pay
By Haig Simonian in Zurich
Published: November 25 2008 20:51 | Last updated: November 25 2008 20:51
UBS’s attempts to persuade former top executives to repay big pay packages handed out at the height of the credit boom gained a surprise boost on Tuesday when Marcel Ospel, chairman of the Swiss bank until April, and two colleagues agreed to forgo SFr33m (€21m).
The move, following last week’s decision by Peter Wuffli, former chief executive, to renounce SFr12m, comes ahead of a shareholders’ meeting in Lucerne on Thursday to approve a government bail-out.
Later there is a direct quote from Ospel. He appears to be speaking for the three executives.
“I hope that my action will help to resolve a situation that was inconceivable to me until a short while ago,” said Mr Ospel. The three men said they “want to make clear that they are facing up to reality” and accepted in hindsight that some decisions “would have been taken differently”.
In the spirit of full disclosure I worked for Swiss Bank Corp prior to its reverse take over of Union Bank of Switzerland. The merged company was named UBS and was largely run by SBC management initially. Marcel Ospel was the head of SBC at the time of the merger.
John
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