UBS CEO Paid $9 Million While Laying Off 10,000

UBS drew fire on Thursday as it announced it paid CEO Sergio Ermotti almost $9 million in 2012 and welcomed a new investment bank chief with a $26 million package, just as the Swiss bank is in the process of firing 10,000 staff. Executive pay in Switzerland remains a heated issue five years after the near collapse of UBS, blamed by many on a big bonus culture driving bankers to take excessive risks.