The former chief executive, finance director, and head of investment banking at UBS are to be paid a total of around £44.8m despite the $18bn (£8.9bn) of sub-prime writedowns incurred on their watch at the Swiss giant, The Telegraph reports.
Peter Wuffli, the chief executive who was axed in July last year in the early throes of the sub-prime crisis, ex-finance director Clive Standish and former investment banking head Huw Jenkins - both of whom left at the profits warning in September - shared Sfr33m last year. They stand to collect a further Sfr15.3m this year and Sfr45.3m next year, in line with contractual entitlements. The trio were responsible for UBS's fatal move into fixed income that caused the bank to post a Sfr4.4bn loss last year. Rumours are swirling that it will now have to spin off the investment banking division...
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