MILAN: UniCredit, which reported record losses last year, will not pay bonuses to senior management for 2013, the fourth year in a row they will not receive one.
Federico Ghizzoni, chief executive of Italy's largest bank by assets, received 2.3 million euros ($3.2 million) in total compensation in 2013, but no bonus, the bank said in its remuneration report on Friday.
"Considering the overall context, this year it was considered opportune not to proceed with the allocation of bonuses to the group top management, regardless of the achievement of individual results," the bank said. UniCredit said Ghizzoni earned a fixed salary of 1.47 million euros.
The remainder was partly made up of payments approved by shareholders and non-monetary benefits.
UniCredit reported a 14 billion euro loss for 2013.
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