The drop came despite the bank posting its best annual profit since 2006
The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland June 22, 2020. Picture: REUTERS/Arnd Wiegmann
“In addition to the overall 2021 performance of the group and Mr Hamers' achievements … the [board of directors] also considered other factors, such as a loss from a US-based client of our prime brokerage business,” UBS said in the report, referring to the Archegos-related loss.Across the bank, the total performance-based bonus pool rose 10% to $3.7bn from $3.3bn in 2020.
That was despite a $774m charge Switzerland's biggest bank reported in the first quarter of 2021 from the collapse of Archegos, which cost global banks more than $10bn when the stricken family office defaulted on margin calls.
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