MILAN, April 11 UniCredit, which
reported record losses last year, will not pay bonuses to senior
management for 2013, the fourth year in a row they will not
Federico Ghizzoni, chief executive of Italy's largest bank
by assets, received 2.3 million euros ($3.2 million) in total
compensation in 2013, but no bonus, the bank said in its
remuneration report on Friday.
"Considering the overall context, this year it was
considered opportune not to proceed with the allocation of
bonuses to the group top management, regardless of the
achievement of individual results," the bank said.
UniCredit said Ghizzoni earned a fixed salary of 1.47
million euros. The remainder was partly made up of payments
approved by shareholders and non-monetary benefits.
UniCredit reported a 14 billion euro loss for 2013.
($1 = 0.7204 Euros)
(Reporting by Isla Binnie. Editing by Jane Merriman)