Ouch! UBS's Bonus Pool Got Whacked
UBS just released some dismal bonus pool numbers.
The bonus pool, including pay deferred into future years, fell to 2.57 billion Swiss francs ($2.8 billion), from 4.25 billion francs in 2010, the Zurich-based bank said today. The pool at UBS’s investment bank is down 60 percent.
The firm's investment banking division head Carsten Kengeter volunteered to forgo a 2011 bonus, the report said.
This comes after the Swiss bank announced a massive $2.3 billion trading loss last year believed to be caused by a lone rogue trader in the firm's London offices.
This story originally appeared on Business Insider
Read more from Business Insider:
Questions? Comments? Email us atNetNet@cnbc.com
Follow NetNet on Twitter @ twitter.com/CNBCnetnet
Facebook us @ www.facebook.com/NetNetCNBC