Executive pay – UBS to ask for bonuses back

The Swiss bank UBS set out a tough new pay system on Monday that could see senior executives “fined” or forced to repay their bonuses if they under-perform in years of hefty losses.

In a proclamation of “the end of the era of excessive bonuses in the global financial sector”, Peter Kurer, the bank’s chairman, who is paid a fixed annual salary of 2m Swiss francs (£1.1m), said the new system would eradicate the culture of paying out multimillion bonuses and stock options on short-term results and rewarding excessive risk-taking.

The proposed cultural shift would see rewards for “those who deliver good results over several years without assuming unnecessarily high risk,” he added.

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