UBS also paid its new head i-banker $26M before he even showed up. I'm not sure what this guy did at BofA to justify that kind of incentive, since BofA has only survived the last five years thanks to government handouts. The clawback provisions won't matter because they won't be used. The promise of future M+A action will largely go unfulfilled as the global economy re-enters recession.
The financial sector is the only part of our economy that rewards leaders who do not deliver shareholder value.
Full disclosure: No position in UBS at this time.