UBS bank says bonus culture a cause of near failure

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Swiss bank UBS said on Thursday that a bonus culture which encouraged risk-taking at all costs was partly to blame for the financial crisis which nearly bankrupted the country's biggest leder.

In a report critical of its own management, UBS said that its lack of a coherent growth strategy also contributed to the problems which brought it close to failure.

"The lack of systematic planning of a growth strategy for the merchant bank contributed significantly to the heavy losses suffered by the bank," the report said.

© 2010 AFP

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