Monday, 23rd November 2009

 

20 October 2008 - Press Briefing

UBS in talks with former executives over returning compensation

UBS is in discussions with former executives over paying back some compensation after the Swiss government’s emergency rescue of the firm, according to report in The Wall Street Journal.

Declining to reveal the identities of those being talked to, a spokesman for the bank said that the negotiations were primarily "morally and ethically based".

Separately, UBS chairman Peter Kurer sought to distance himself from previous comments on management bonus payouts after criticism from the Swiss finance minister. Kurer on Saturday clarified that payouts over SFr10m (€6.5m) in the current climate were "objectionable", the WSJ report said.

Tags: Peter Kurer , UBS

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