Business News
UBS gives top executives millions in bonuses
Mar 15, 2010, 15:00 GMT
Geneva - UBS AG, the troubled Swiss banking giant, said Monday it set aside 69.4 million francs (65.5 million dollars) for bonuses for its top management.
In an annual report, the bank said the largest bonus, equal to 13.2 million francs, went to Carsten Kengeter, one of UBS's investment directors.
Oswald Grubel, the head of UBS, turned down a bonus this year.
The bank set aside a total of 2.9 billion francs in bonuses for some 65,000 employees worldwide, saying it needed to keep its talent.
The bank reported last month that it took a net loss for 2009 of 2.7 billion francs, compared to a loss of over 21 billion in 2008.
UBS, Switzerland's largest bank by assets, reported a positive fourth quarter, the first three-month period to be in the black since the middle of 2008.
The bank, which had to take a government bail-out and transfer assets to a stabilization fund still being run by the central bank, holds its annual general meeting next month in Zurich.
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