(wire)
UBS to pay $2.7B in 2009 cash bonuses
UBS will pay out approximately 2.9 billion Swiss francs ($2.7 billion) in cash bonuses for 2009, up around one third from last year's payments.
According to UBS, the variable compensation payment did not include deferred share awards and was up 34 percent from the previous year, when the bank experienced a record loss.
During the fourth quarter, UBS saw a profit of 1.2 billion francs.
Meanwhile, personnel expenses for the year totaled 16.5 billion francs, an increase of 2 percent from the previous year.
According to UBS, the variable compensation payment did not include deferred share awards and was up 34 percent from the previous year, when the bank experienced a record loss.
During the fourth quarter, UBS saw a profit of 1.2 billion francs.
Meanwhile, personnel expenses for the year totaled 16.5 billion francs, an increase of 2 percent from the previous year.
