Due to the fact that the losses were made on the bank making risky investments in the US mortgage market, Mr Ospel had already waived his bonus for 2007.
According to the Times, Mr Ospel only earned $2.53 million for his work at the Swiss bank last year, while he had taken home $26.9 the previous year.
UBS' annual report revealed that Mr Ospel was not the only one who would not receive his bonus for last year - none of the members of the executive board will qualify either.
There have been calls for Mr Ospel to leave the bank after the bank made a loss of $4.45 billion last year, in contrast to the $12.4 billion profit posted the previous year.
Despite the fact that Huw Jenkins, the head of UBS' investment bank, stepped down last year after bad results along with Peter Wuffli, the chief executive, they still received good pay packets.
Both men were paid $33.3 million in 2007 and will receive $15.4 million this year and a further $45.8 million in 2009, according to the Times.