UBS has shaken up its pay scheme, becoming the first big bank to give thousands of senior bankers bonuses as bonds that can be wiped out in the case of the lender failing to meet capital requirements.
The new bonus structure for 6,500 of UBS’s highest earners will make Switzerland’s largest lender by assets the first to follow recommendations by an EU commission led by Finnish central banker Erkki Liikanen and paves the way for others in the industry to follow its lead.
The commission last year called for bonuses to be partly based on “bail-inable” debt that can be converted to equity or wiped out in case of trouble.
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