UBS, the European bank with the highest losses from the credit crisis, cut its bonus pool for 2008 by more than 80%, reports Bloomberg. Variable compensation for the bank’s employees excluding brokers in the US is being reduced, a spokesman said Thursday. The pool will be less than 2bn Swiss francs ($1.75bn), based on the 9.5bn francs UBS has said previously it paid out for 2007. UBS reduced bonuses after it was forced to accept a $59.2bn government aid package in October.

This entry was posted by Gwen Robinson on Thursday, January 29th, 2009 at 5:46 and is filed under Capital markets, People. Tagged with ubs. Edit this entry.