Senior executives at UBS received $65.2m in bonuses

16 March 2010

The top bankers at UBS received 69 million Swiss francs (SFr) ($65.2 million) as pay for 2009, the bank has revealed.

Figures from the Swiss bank’s annual report revealed that Carsten Kengeter, co-chief executive at the investment bank, received more than SFr 13 million in pay and bonuses, with much of the sum provided in shares.

In the report, the bank said: “Carsten Kengeter’s drive, leadership and impact have materially contributed to the turnaround in the FICC business, to the effective unwinding of a large portion of the legacy positions and to the overall effort to transform the investment bank as a whole.”

Oswald Gruebel, chief executive of UBS, voluntarily agreed to give up his bonus for 2009.

The paper added that wages “reflected not only the individual performance of each executive, but also the improved operating performance of each business division and the overall UBS Group”.

Executive members of the board who left during 2009 received more than SFr 40 million in remuneration.

According to USB, 73.2 per cent of its total operating income was paid out to staff in 2009.

The bank posted an annual loss of SFr2.74 billion for last year.

By Jim Ottewill

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