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UBS chairman takes 'pay cut'



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Published Date: 06 October 2008
PETER Kurer, the new chairman of Swiss investment bank UBS, will earn less than half as much as his predecessor, he has said. His salary is set to be less than 10 million Swiss francs (£5m).
Kurer told a Swiss newspaper that while he did not know the exact figure he would earn – it partly depends on performance – the bank knew that bonuses would be below levels seen before the credit crunch.

Marcel Ospel, Kurer's predecessor reportedly earned around £13m a year.



The full article contains 87 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 05 October 2008 9:20 PM
  • Source: The Scotsman
  • Location: Edinburgh
 
1

Mallory,

Edinburgh 06/10/2008 09:10:25
Thanks Scotsman it's nice to see that I'm on the same pay-grade as Kurer - ie a salary under 10 million swiss francs. How will we all manage with council tax, inheritance tax, pension taxes etc.

Oh silly me! We can just take the begging bowl around to Alistair Darling like all the other bankers.




 

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