ZURICH Nov 15 (Reuters) - Nearly 1,000 people demonstrated against the salaries of top bankers on Saturday close to the main offices of Switzerland's top two banks, UBS and Credit Suisse in central Zurich.
Paul Rechsteiner, the president of the SGB Swiss trades union federation, called for social change and told demonstrators the 'neoliberal rip-off system' had failed, was morally bankrupt and a danger to democracy.
The SGB chief harshly criticised the bailout package for UBS, which is getting a 6 billion franc capital injection from the Swiss government in return for a 9.3 percent stake, and unloading $60 billion of risky, mostly U.S., mortgage assets into a new fund controlled by the central bank.
'This gigantic sum was given to a single bank by emergency law,' Rechsteiner said. 'The same people are telling us that we can't afford a few hundred million for pensions.'
Zurich police said around 900 people were present at the demonstration, which passed peacefully.
Earlier this month, UBS said its chairman and board may repay previously granted bonuses as part of a report on pay at the company due at a shareholder meeting later in November.
(Reporting by Jason Rhodes) Keywords: SWISS/UBS PROTEST (jason.rhodes@thomsonreuters.com; +41 58 306 7462; Reuters Messaging: jason.rhodes.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Paul Rechsteiner, the president of the SGB Swiss trades union federation, called for social change and told demonstrators the 'neoliberal rip-off system' had failed, was morally bankrupt and a danger to democracy.
The SGB chief harshly criticised the bailout package for UBS, which is getting a 6 billion franc capital injection from the Swiss government in return for a 9.3 percent stake, and unloading $60 billion of risky, mostly U.S., mortgage assets into a new fund controlled by the central bank.
'This gigantic sum was given to a single bank by emergency law,' Rechsteiner said. 'The same people are telling us that we can't afford a few hundred million for pensions.'
Zurich police said around 900 people were present at the demonstration, which passed peacefully.
Earlier this month, UBS said its chairman and board may repay previously granted bonuses as part of a report on pay at the company due at a shareholder meeting later in November.
(Reporting by Jason Rhodes) Keywords: SWISS/UBS PROTEST (jason.rhodes@thomsonreuters.com; +41 58 306 7462; Reuters Messaging: jason.rhodes.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.