LONDON, March 14 UBS will pay its
investment bank chief Andrea Orcel a "golden hello" package
worth 25 million Swiss francs ($26.27 million), the bank said on
Thursday, less than two weeks after Swiss voters imposed some of
the world's strictest controls on executive pay.
Orcel's package composed $6.364 million in deferred cash and
deferred UBS shares worth 18.5 million Swiss francs ($19.44
million) at the grant date, according to UBS's annual report.
The deferred cash and shares will vest in instalments in
2013, 2014 and 2015.
The package was designed to replace forfeited pay from his
former employer, Bank of America Merrill Lynch, after he
joined the Swiss bank in July 2012.
Pay remains a heated issue in Switzerland five years after
the near collapse of UBS in 2008, blamed by many on a culture of
big bonuses driving bankers to make risky investments.
Swiss citizens voted on March 3 to force public companies to
give shareholders a binding vote on compensation.