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.

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