Ouch! UBS's Bonus Pool Got Whacked

swimming pool

UBS just released some dismal bonus pool numbers.

From Bloomberg

The bonus pool, including pay deferred into future years, fell to 2.57 billion Swiss francs ($2.8 billion), from 4.25 billion francs in 2010, the Zurich-based bank said today. The pool at UBS’s investment bank is down 60 per cent.

The firm’s investment banking division head Carsten Kengeter volunteered to forgo a 2011 bonus, the report said.

This comes after the Swiss bank announced a massive $2.3 billion trading loss last year believed to be caused by a lone rogue trader in the firm’s London offices.

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