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UBS Chmn: Won’t Discloses Bonuses Before Feb 10 - Swiss TV

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Today’s interest is, UBS Chmn: Won’t Discloses Bonuses Before Feb 10 - Swiss TV

Las Vegas NV – January 31, 2009-CRWENEWSWIRE.COM

ZURICH– UBS AG (UBS) still plans to disclose the exact amount of bonuses it paid in 2008 when the Swiss bank presents full-year earnings on Feb. 10, Chairman Peter Kurer said in an interview with Swiss TV .

Kurer said it wasn’t possible to report the exact size of these payments any earlier, saying they were related to full-year results, which UBS will disclose as planned in early February.

Kurer was talking to Swiss TV on the sidelines of the World Economic Forum in Davos, Switzerland .

The Swiss government earlier this week confirmed Swiss media reports that bonuses at UBS will be cut by some 80% to around 2 billion Swiss francs ($1.73 billion). Despite the sharp reduction, Swiss parliamentarians and media have criticized UBS for considering any bonus payments at all, given that the bank posted a record loss last year and needed government help to strengthen its capital base.

Swiss economics minister Doris Leuthard said in an interview with Swiss daily Tages Anzeiger Saturday that UBS should consider disclosing the exact size of bonus payments before Feb. 10.
TV Station Web site: http://www.sf.tv
Newspaper Web site: http://www.tagesanzeiger.ch

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