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UBS executives forgo bonuses

Former UBS chairman Marcel Ospel and two other directors have waived bonuses worth a total of SFr33 million ($27.8 million).

Two-thirds was due to Ospel, with the remainder going to former vice-president Stephan Häringer and former finance chief Marco Suter, confirmed a spokesman for the three on Tuesday.

Earlier this month former chief executive Peter Wuffli said he would not take SFr12 million owed to him after he stepped down in 2007.

The move followed months of mounting pressure from shareholders, the public, banking regulators and government ministers. This intensified in October when the Swiss National Bank bailed out UBS with a SFr6 billion cash injection and agreed to cover toxic assets.

Last week UBS, Switzerland's largest bank, announced it would no longer pay bonuses based on short-term goals after a public outcry against the "culture of greed".

From 2009, bonuses will be held back and forfeited if long-term results are not reached. Board members have waived bonuses this year after UBS racked up $44 billion (SFr52 billion) of subprime mortgage losses.


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