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, 2020132.3K Shares2.9M Views
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.
Hajra Shannon
Reviewer
Hajra Shannona is a highly experienced journalist with over 9 years of expertise in news writing, investigative reporting, and political analysis.
She holds a Bachelor's degree in Journalism from Columbia University and has contributed to reputable publications focusing on global affairs, human rights, and environmental sustainability.
Hajra's authoritative voice and trustworthy reporting reflect her commitment to delivering insightful news content.
Beyond journalism, she enjoys exploring new cultures through travel and pursuing outdoor photography
Latest Articles
Popular Articles