Tags: ubs

Former UBS Execs to Give Up $27.7 Million

Tuesday, 25 Nov 2008 10:34 AM

ZURICH, Switzerland -- Swiss banking giant UBS says three former top executives who oversaw the bank's massive subprime mortgage losses are forgoing 33 million Swiss francs ($27.7 million) in salary and other payments.

The bank says former Chairman Marcel Ospel is forfeiting more than two-thirds of the amount.

Ex-Vice President Stephan Haeringer and former Chief Financial Officer Marco Suter also are taking part in the gesture.

A bank statement Tuesday says the three men were reacting to their roles in decisions that cost UBS more than $40 billion in write-downs and losses the past year.

The move follows the disclosure earlier this month that former Chief Executive Peter Wuffli renounced 12 million francs he was to receive.

© 2015 Newsmax. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved