26 Nov 2008

Ex-UBS bosses forgo $US27.7m in pay

7:54 am on 26 November 2008

Three former bosses at Swiss bank UBS are to forgo 33 million Swiss francs ($US27.7 million) in salary and other payments.

Ex-chairman Marcel Ospel, former vice president Stephan Haeringer and ex-chief financial officer Marco Suter oversaw huge losses at the bank.

The Swiss government launched a bailout package for UBS last month, which was worth about $US60 billion.

UBS welcomed the voluntary gesture by the former bosses who left after the scale of the subprime losses emerged, saying they wanted to "make it clear that they were facing up to reality".

UBS has had to write-down almost $US49 billion since the sub-prime crisis started.

Former chief executive Peter Wuffli, who left UBS in July 2007, said he would not take 12 million Swiss francs he was to receive.

UBS has already said that it would stop paying a bonus to chairman Peter Kurer from next year. He has already forgone any bonus for 2007 and 2008.