UBS may try to get back exec bonuses

UBS, Switzerland's biggest bank, today confirmed it is looking at clawing back bonuses from former executives who were in charge when it racked up the largest credit-crunch losses of any European bank.

Chairman Peter Kurer will tell shareholders later this month how the bank will set future pay and bonuses and whether it will be able to demand former bosses pay back part of their bonuses.

Politicians who backed a bailout package for the bank have demanded former chief executive Marcel Ospel, who was forced to quit but still collected millions in bonuses, pays back at least some of the money.