UBS chief waives bonus for 2010

The chief executive of Swiss bank UBS has said he will forgo his bonus for the second year in a row because the share price did not increase during 2010.

This content was published on March 4, 2011 minutes and agencies

Oswald Grübel, who helped UBS return to a profit last year for the first time since the start of the financial crisis, will not draw on bonus payments he was entitled to for 2010, the bank said on Friday.

His base annual salary is the same as when he joined the company in February 2009, at SFr3 million ($3.22 million), UBS said.

Grübel was brought in from rival Credit Suisse to help the bank recover from the crisis after it fell to a record SFr21 billion annual loss in 2008.

UBS reported in February that it had made a net profit of SFr7.2 billion in 2010, compared with a 2009 loss of SFr2.7 billion. Announcing the results, UBS said it would not be paying shareholders a dividend for the year.

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