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UBS revises 2016 profit down, cuts CEO pay and bonuses

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UBS lowered its 2016 profit by 102 million Swiss francs (S$143.1 million) to reflect a settlement with the National Credit Union Association over mis-selling residential mortgage-backed securities, the Swiss bank said on Friday.

[ZURICH] UBS lowered its 2016 profit by 102 million Swiss francs (S$143.1 million) to reflect a settlement with the National Credit Union Association over mis-selling residential mortgage-backed securities, the Swiss bank said on Friday.

In its annual report, UBS also disclosed Chief Executive Sergio Ermotti got 13.7 million francs in total compensation for 2016, down from 14.3 million a year earlier.

Overall, the Swiss bank's bonus pool shrank to 2.9 billion francs from 3.5 billion in 2015.

REUTERS

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