Switzerland: UBS executives forgo bonuses...

Former UBS chairman Marcel Ospel and two other directors have waived bonuses worth a total of SFr33 million ($27.8 million).

Two-thirds was due to Ospel, with the remainder going to former vice-president Stephan Haeringer and former finance chief Marco Suter, confirmed a spokesman for the three on Tuesday.

A bank statement said the three men were reacting to their roles in the decisions that have cost UBS more than $40 billion in writedowns and losses over the past year. More...

See also:

1. Swiss furious at the UBS. Can you blame them?
2. Switzerland: top bankers bonus payouts come under fire...
3. Huge bonuses paid to City bankers was a factor in the credit crunch...