More former executives forgo pay, bonuses: UBS

Associated Press
Posted: Thursday, Nov 27, 2008 at 1554 hrs IST
Updated: Thursday, Nov 27, 2008 at 1554 hrs IST

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Lucerne, Switzerland: Former executives who oversaw massive losses at Swiss banking giant UBS AG will repay a further 22 million Swiss francs (USD 18.45 million), Chairman Peter Kurer said on Thursday.

The repayments by the unidentified individuals bring to nearly 70 million francs (USD 59 million) the amount of money handed back to the bank by former executives over the past year.

"I am continuing to hold talks concerning further repayments and waivers, and would greatly welcome it if it comes to that," Kurer told a special shareholders meeting.

Kurer said he was treating the latest repayments as confidential.

Pressure has been growing on the former executives to give back bonuses and other payments since UBS received a nearly USD 60 billion state bailout package last month.

Former Chief Executive Peter Wuffli, who left the bank in July 2007, disclosed earlier this month that he had already forgone some payments he was due last year and that a further waiver this year brought to 12 million francs the sum he was renouncing.

Earlier this week three other people who were top executives when the bank made bad investments in the US subprime mortgage market said they were forfeiting 33 million francs (USD 28 million) in salary and other payments.

Ex-Chairman Marcel Ospel, who was in charge as the bank ran up more than USD 40 billion in write-downs and losses over the past year, said he was forfeiting more than 22 million francs.

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