Zurich, Switzerland (Le Temps, Fre and Financial Times) - Peter Wuffli, who was CEO of Switzerland’s largest bank, UBS, from January 2002 to June 2007, is returning CHF12 million, part of the bonus package he received when he retired from the bank.

Pressure is now likely to increase on other senior executives and board directors who received hefty pay packages when they left. Marcel Ospel, in particular, has been the target of much public criticism from several quarters including the government, in recent days. On the agenda for a UBS special shareholder meeting 27 November is the “issue of repayment of previously granted incentive awards.” Wuffli is renouncing incentive payments that he has not yet received, rather than paying back cash.

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