3 ex-UBS officials to forgo packages
As a number of American banks resist calls to rein in executive pay, the unthinkable is happening - at least in Switzerland.
Three former officials of UBS, the troubled Swiss financial giant, said yesterday they would forgo more than $27 million in compensation.
Marcel Ospel, the former chairman, and Stephan Haeringer and Marco Suter, two former directors, said they would give up pay promised them after the bank reported nearly $50 billion in losses and received even more than that in financial support from the Swiss government.
"With the involvement of the Swiss government, I realized that decisive action was required on my part," Ospel said.
Ospel will contribute more than two-thirds of the total; the balance will be paid by Haeringer and Suter.
The former UBS executives had been the focus of intense public criticism after the bank reported stunning losses on devastating subprime-related investments. This month, the bank announced that its chairman, Peter Kurer; its chief executive, Marcel Rohner; and members of its executive board would also have a bonus-free 2008. 