ZURICH (Reuters) - UBS AG will not introduce a cap on salaries, but management will earn less that before the credit crisis, the Swiss bank's chairman said in an interview published on Saturday.
When asked if there would be a salary cap, Peter Kurer told Swiss newspaper Blick:
"No. But certainly all management salaries will be lower after the crisis than before, in some cases noticeably so. I find that the right thing. But in some special situations, salaries over 10 million francs ($8.9 million) are still possible," Kurer said.
Kurer also said UBS (UBSN.CH)now had the foundations in place to reverse the trend of losing customers to smaller competitors. The bank said this week it would turn a small profit in the third quarter after a year of losses, suggesting it had started to turn the corner even as the credit crisis engulfs other banks.
(Reporting by Sam Cage; Editing by Lincoln Feast)
