UBS to cap bonuses after large fourth quarter loss

9:39 AM, Feb 5, 2013   |    comments
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(CNN) - Swiss banking giant UBS says it's capping bonuses to staff after a massive fourth quarter loss and rocky year. The bank posted a loss of about $2 billion for the fourth quarter.

UBS said it would cap top bonuses at $1.1 million, half the previous cap.

The bank is still trying to recover from more than a billion dollars in fines related to a rate-rigging scandal. It also took a hit from costs associated with job cuts.

In October, UBS announced plans to lay off 10,000 workers.


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