UBS: More former executives forgo pay, bonuses

Former executives who oversaw massive losses at Swiss banking giant UBS AG will repay a further 22 million Swiss francs ($18.45 million), Chairman Peter Kurer said Thursday.

The repayments by the unidentified individuals bring to nearly 70 million francs ($59 million) the amount of money handed back to the bank by former executives over the past year.

"I am continuing to hold talks concerning further repayments and waivers, and would greatly welcome it if it comes to that," Kurer told a special shareholders meeting.

Kurer said he was treating the latest repayments as confidential.

He said UBS (nyse: UBS - news - people ) was way ahead of other major banks in retrieving performance pay from executives whose decisions turned out to have contributed to the bank's losses in the global financial meltdown. It also is taking a pioneering role in tying conditions to any future bonuses, he said.

Pressure has been growing on the former executives to give back bonuses and other payments since UBS received a nearly $60 billion state bailout package last month.

Shareholders at the meeting voted overwhelmingly to accept conditions contained in the bailout, including a capital increase and issuance of mandatory convertible notes worth 6 billion francs.