BGN Entrepreneur

UK banks are not the only ones being accused of payment for failure.
Executive directors of UBS shared £43m in pay and bonuses. Besides, the Swiss giant gave its investment banking co-chief Carsten Kengeter £8.1m, most of which in bonuses, despite the division having lost £3.75bn in 2009.
According to UBS, it is said that Kengeter’s ‘drive, leadership and impact have materially contributed to the turnaround of the fixed income, currency and commodities business, and to the overall effort to transform the investment bank as a whole’.
Hit hard by the credit crunch, the bank still paid out 73.2% of its operating income to its staff, which has doubled the level seen at many banks.

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