Switzerland’s largest bank is facing criticism for handing out 2.5 billion francs in bonuses to its top managers after posting a net loss for around the same amount in 2012.
UBS on Tuesday reported the massive loss, much of it attributable to fines from the Libor rate fixing fraud and to restructuring costs relating to job cuts.
But the bank also announced major bonuses and recommended a 50 percent increase in its dividend to 15 cents a share.
“Good work is rewarded, poor work is penalized — that’s one of the rules dictated by our capitalism,” articles published online by French-language 20 Minutes and the German-language 20 Minuten, highlighting the plum bonuses, say.
“But the reality is different.” Full story...
Related posts:
UBS on Tuesday reported the massive loss, much of it attributable to fines from the Libor rate fixing fraud and to restructuring costs relating to job cuts.
But the bank also announced major bonuses and recommended a 50 percent increase in its dividend to 15 cents a share.
“Good work is rewarded, poor work is penalized — that’s one of the rules dictated by our capitalism,” articles published online by French-language 20 Minutes and the German-language 20 Minuten, highlighting the plum bonuses, say.
“But the reality is different.” Full story...
Related posts:
- Disgraced Barclays "Libor" chief Jerry del Missier awarded £9million bonus...
- World's top bankers handed 12% pay rise to average $12.8MILLION...
- Outrage at RBS chief Stephen Hester's £963,000 bonus ...
- The $2 billion UBS incident: 'Rogue Trader' my ass...
- LIBOR scandal is the crime of the century, but where's the outrage?
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