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Senior UBS executives and board members will be forced to hand back Sfr60m (£32m) in bonuses paid out last year, the Swiss bank said today.
The bank, the worst European casualty of the 14-month-old financial crisis, writing down $50bn (£31bn), will also pay out no bonuses this year to Peter Kurer, its chairman, and other executives.
A spokesman in Zurich said today UBS will give details of planned changes to its remuneration scheme on November 14 before it is put to shareholders at an extraordinary meeting on November 27.
The EGM is due to approve the Swiss authorities' decision to inject Sfr6bn into UBS and hand $60m of toxic assets to a special purpose vehicle owned and controlled by the Swiss central bank, the SNB.
Last year Marcel Ospel, the long-standing chairman forced to step down as UBS lurched from crisis to crisis, got no bonus. But other executive and non-executive directors shared the Sfr60m.
On Tuesday the bank confirmed that it had made a net profit of Sfr296m in the third quarter, its first for a year, but warned that earnings in the current quarter would be hammered by continuing market turmoil and a series of special factors.
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