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ZURICH - UBS AG's chairman, Peter Kurer, will earn less than 10 million Swiss francs (S$12.8 million) this year, he told Swiss newspaper Sonntag on Sunday.
That would compare to a reported salary of 26 million francs for Kurer's predecessor, Marcel Ospel, who announced his departure this year as UBS's subprime-related asset writedowns built.
'I do not know my salary yet, because the bonus depends on performance. But my salary will certainly be less than 10 million,' Mr Kurer told Sonntag.
Mr Kurer believed UBS would pay 'solid bonuses' this year, but added, 'Our employees know that the total bonuses at the bank, from top to bottom, will inevitably be smaller.' In a separate interview, published on Saturday, Kurer had said salaries over 10 million francs were still possible.
UBS will not introduce a cap, but management will earn less than before the credit crisis, he said. --REUTERS
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