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Business News

UBS chief waives bonus for 2010

Oswald Gruebel, the chief executive of UBS, has decided to forgo his annual bonus for the second consecutive year after the Swiss bank's share price failed to rise in 2010.

Mr Gruebel's decision to give up his 2010 award is the first such move by the head of a major international bank. Although its shares fell by 4.4 per cent over the year, UBS, which had to be rescued by Swiss authorities during the financial crisis, did manage to return to profit in 2010.

The bank, whose shares outperformed the wider European banking sector, also succeeded in limiting outflows and turning around its key wealth management business, one of Mr Gruebel's stated aims.