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Swiss-Based UBS Sinks Its Claws Into Bankers’ Bonuses

Swiss bankers are, apparently, less childish than American ones, if equally unprofitable at times.

Jul 31, 2020
The Swiss bank UBS — last seen by The New York Times supposedly donating to Republicansto avoid regulation — is doing something more in line with President Obama’s calls to limit executive bonuses when companies fare poorly. UBS, which posted a $2.56 billion loss in 2009, is taking back the $282 in deferred bonuses it gave senior executives after its $19.9 billion loss in 2008.
The Swiss government bailed UBS out with a $5.6 billion investment, since recouped with a profit, but UBS failed to regain profitability in 2009. It did manage to post its first profit in more than a year in the first quarter of its fiscal year, due to a tax credit from the government.
In contrast to all the whining in the States among bankers subject to executive compensation caps because they’re still running off American taxpayers’ largesse, UBS doesn’t expect its bankers to write editorials threatening to quit because their failure to turn a profit doesn’t net them bonus pay.
Dexter Cooke

Dexter Cooke

Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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