UBS to cut bonus payments by 60pc The company, which was hit by a $2.3bn (£1.5bn) loss from an alleged rogue trading scandal last year, said Carsten Kengeter, head of the unit where the loss originated, was passing on his bonus. The announcement came as the group saw net profits fall to SFr396m (£273m) during the three months ending December 31. The results, which were impacted by the eurozone debt crisis, were 77pc lower than the final quarter of 2010 and significantly below the previous quarter's SFr1bn. In November, UBS announced it would scale back its investment banking business to focus on its flagship private bank. The company said it had cut risky assets by SFr20bn during the fourth quarter with "no significant impact on profitability." However, reflecting on the impact of the economic downturn, it added: "Traditional improvements in first-quarter activity levels and trading volumes may fail to materialise fully, which would weigh on overall results for the coming quarter, most notably in the investment bank." UBS said its Tier 1 capital ratio - a key measure of financial strength - rose to 19.7pc, compared to 18.4pc at the end of September.