Former UBS AG Chief Executive Peter Wuffli has renounced 12 million Swiss francs ($10.2 million) in payments he was to receive under his contract when Switzerland's largest bank fired him as the subprime crisis began, the bank said Sunday.
A bank spokeswoman confirmed what Wuffli, who left Zurich-based UBS in July 2007, told the weekly NZZ am Sonntag in an interview Sunday.
"I understand the widespread indignation," Wuffli said in disclosing that he already had turned down a payment of "substantial millions" a year ago and that he went to the bank recently and told it to keep the rest of the 12 million francs.
The move by …
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