Tuesday's Headlines: UBS Cuts Compensation on Profits and Share Price
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.
Three hundred fired MSSB advisers won't have much trouble finding new jobs. [Investment News]
Deutsche Bank head Anshu Jain earned more than the firm's chief executive on corporate and investment banking unit's record revenue. [BusinessWeek]
Halcyon Asset Management is seeking international institutional investors to expand its London business. [Financial Times]
Private equity firm Apollo Management makes IPO worth up to $500M. [Reuters]
Nasdaq looks to rival bids for NYSE Euronext amid Deutsche Börse talks. [DealBook]
KKR named former Alcatel-Lucent chief Patricia Russo as independent director, marking fifth of the seven board seats held outside management. [BusinessWire]
China's No. 2 insurer Ping An Insurance raised $2.5 billion from a Hong Kong billionaire. [Bloomberg]