Feb. 10 (Bloomberg) -- UBS AG’s loss in 2009 will trigger the bank’s bonus claw back mechanism for the first time, depriving senior bankers of 300 million Swiss francs ($282 million) of deferred pay they were due to receive this year.
The Swiss bank introduced last year a plan that would pay 900 million francs to managing directors, executive directors and directors in equal parts in 2010, 2011 and 2012. The lender yesterday posted a 2.74 billion-franc loss for 2009, compared with a loss of 21.3 billion francs for the previous year.
“The critical condition, a net profit for 2009 according to International Financial Reporting Standards, was not met,” Chief Executive Officer Oswald Gruebel said in a memo to employees dated yesterday.
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