Swiss bank UBS scraps contentious bonus system...

Switzerland's largest bank, UBS, has announced it will no longer pay bonuses based on short-term goals after a public outcry against the "culture of greed".

From 2009, bonuses will be held back and forfeited if long-term results are not reached. Board members have waived bonuses this year after UBS racked up $44 billion (SFr52 billion) of subprime mortgage losses.

The bank is also looking into the possibility of clawing back performance-related pay already awarded to departed executives. Earlier this month, former chief executive Peter Wuffli said he would not take SFr12 million ($10.2 million) owing to him after he stepped down in 2007. More...

See also:

1. Former UBS head gives back SFr12 million...
2. Switzerland: top bankers bonus payouts come under fire...
3. Lehman Bros head took home $300m!!! 
4. Credit crunch? Not for the fat cats; they're still laughing all the way to the bank...