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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: John McCarthy who wrote (93535)	1/29/2009 10:47:48 PM
From: John McCarthy	Read Replies (1) of 116555

UBS cuts investment bank bonuses 80 pct, no cash NEW YORK, Jan 29 (Reuters) - UBS AG (UBSN.VX: Quote, Profile, Research), which agreed to change its compensation practices when it received a Swiss government bailout last fall, on Thursday confirmed it is slashing bonuses for its investment bank by more than 80 percent. Moreover, bonuses for the investment bank's highest ranking executives -- executive directors and managing directors -- would be paid out entirely in deferred shares and zero cash, people familiar with the situation told Reuters. Deferred compensation will be distributed in three annual installments, each of which may be canceled in any year the bank reports a loss, the sources said more uk.reuters.com

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