Former UBS chief turns down SFr12 million

The former chief executive of UBS has waived SFr12 million ($10.2 million) in compensation after leaving Switzerland's largest bank in July 2007.

This content was published on November 9, 2008 minutes

Peter Wuffli told Sunday's NZZ am Sonntag newspaper that he voluntarily relinquished the payment as a sign of solidarity with the bank's leadership and staff.

"High salaries for the top people in a company with serious imbalances are not justified," the 51-year-old banker said.

Wuffli said he understood the outrage over high salaries and added that he had lost some SFr50 million on UBS shares allocated to him.

The repayment increases pressure on former company chairman Marcel Ospel, who announced his resignation on April 1.

UBS has established a task force to claim voluntary repayments and on Saturday, Swiss Finance Minister Hans-Rudolf Merz said he expected repayments from the company's top brass.

The bank has written down about $43 billion as a result of the subprime mortgage market collapse. In October, it received a bailout from the Swiss government worth some $60 billion.

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