Tuesday's Headlines: UBS Cuts Compensation on Profits and Share Price

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UBS took an axe to its compson lower profit and share prices. Switzerland's largest bank slashed pay for investment-banking head Carsten Kengeter by 29 percent (to $10.1 million) after the unit's earnings slumped in the second half of 2010. CEO Oswald Gruebel voluntarily passed by a bonus again because shares didn't rise, and the bank cut its total 2010 bonus pool by 11 percent as pretax profit at the securities unit fell 66 percent in the fourth quarter from the year-earlier period, according to Bloomberg.

Meanwhile, UBS said it received subpoenas from U.S. authorities investigating possible attempts to manipulate LIBOR offered rate.

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