Leading Swiss bank UBS urges executives to repay bonuses
In a surprise move it has been announced that leading Swiss bank UBS has asked key executives to repay recent bonuses awarded by the bank. This is as a direct result of damage caused to the bank by the credit crunch and worldwide economic slowdown and appears to be partly the suggestion of the Swiss government who have been very vocal in their support for the group. Will this move spread across Europe?
There is very little chance of this move been replicated throughout Europe where the greed factor is still in place even though the sector, economies and the consumer have literally been reduced to rubble over the last few months. Government pressure, consumer pressure and appeals to their better nature have just seen the banking sector shut up shop, pull in the reins and move towards a very protective stance.
The problem is that the banks around the world know they are the key to any economic revival and are more than prepared to fight their corner knowing that authorities around the world cannot afford not to rescue the sector and fund them for the short to medium term. In the battle of wills the banking sector is very much in pole position.
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