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UBS investment bank chief awarded $26 mln "golden hello"
March 14, 2013 / 8:51 AM / 5 years ago

UBS investment bank chief awarded $26 mln "golden hello"

LONDON, March 14 (Reuters) - 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.

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