Swiss bank UBS to scrap chairman’s bonus for ‘08

Updated Tuesday, November 18, 2008 11:21 am TWN, AFP

Swiss bank UBS to scrap chairman’s bonus for ‘08

GENEVA -- UBS said Monday it would not pay a bonus to its chairman and board of directors for 2008 after the bank was bailed out by the Swiss government amid billions of dollars in losses from the subprime crisis. “The chairman of the board and the members of the group executive board will not receive any variable compensation for 2008,” the bank said in a statement.

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