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Former UBS staff to repay bonuses

China Daily | Updated: 2008-11-28 08:10

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.

Former UBS staff to repay bonuses

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