The bank yesterday said its 12 most senior executives would not receive bonuses this year and the compensation system for all top staff would be revised from 2009.
The pay for Peter Kurer, the Swiss bank's new chairman, also would in future be restricted to a single base salary in cash and a fixed number of shares to prevent potential conflicts of interest.
For next year, compensation for the group's top 2-3 per cent of staff will be revised to put more emphasis on long-term performance. Under the changes, bonuses in cash and shares will be staggered over a period of three years. The bonuses will also be adjusted to take into account losses as well as profits. Mr Kurer said the system would set a trend.
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