UBS chairman takes 90% pay cut

Marcel Ospel took a 90% cut in pay in 2007 after the bank recorded $18 billion in write-downs.

UBS AG chairman Marcel Ospel took a 90% cut in pay in 2007 after the bank recorded $18 billion in write-downs and warned that it still had at-risk investments, according to the company’s annual report.

The Zurich, Switzerland-based bank said that Mr. Ospel’s pay package totaled 2.6 million Swiss francs ($2.9 million), according to the company’s annual report, which was released on Tuesday.

Three other executives who were fired over subprime losses-chief executive Peter Wuffli, investment banking head Huw Jenkins, and chief financial officer Clive Standish-received 33 million francs in compensation last year.

UBS didn’t detail how the compensation was split.

The bank’s highest-paid executive is Rory Tapner, the head of its Asian business, who pocketed 10.3 million francs in 2007, including salary, bonus, benefits and pension contributions.