Former UBS staff to repay bonuses

Former UBS AG executives have given back a total of about 70 million Swiss francs ($58.3 million) in bonuses awarded to them, Chairman Peter Kurer said.

"I would very much like to see more bonuses waived or returned in the interests of the bank," Kurer told a shareholders meeting in Lucerne yesterday, prompting applause from the almost 2,400 investors present. "I am therefore continuing to hold discussions on this topic."

Switzerland's largest bank, which last month got a $59.2 billion aid package from the state and the central bank, has faced calls to reclaim compensation from managers that left the bank in the aftermath of subprime-related losses. Former CEO and two ex-colleagues on the board offered to forgo 33 million francs in pay this week. Former Chief Executive Officer Peter Wuffli waived his entitlement to 12 million francs.