Ospel: Now with cash-back

Switzerland makes a virtue out of welcoming finance professionals unable or unwilling to operate in more heavily regulated jurisdictions. Yet the country is taking a moral lead in persuading bankers to don the hair shirt for presiding over strategies that ended up creating huge losses for shareholders. Marcel Ospel, the former chairman of UBS, is following the Swiss bank’s former chief executive in returning bonuses earned during the credit boom. He is paying back at least SFr22m ($18.5m). Two ...