UBS to regain control of pay

UBS WILL be able to set the level of executive bonuses it pays out in 2009 after the rescue package it received from the Swiss government saw it subjected to state approval of variable pay schemes.<br /><br />A spokesman for the Swiss financial services watchdog Finma said it had not received instructions from the government to extend pay restrictions into 2009.<br /><br />The bank said earlier this week that it would raise salaries for its investment bankers to prevent them from being poached by rivals but can now also govern its bonus policy for 2009.