Costco's profit boosted by higher membership fees, strong U.S. sales
Warehouse club operator Costco Wholesale Corp reported a better-than-expected quarterly profit on Thursday, helped by higher membership fees and strong sales in the United States.
ZURICH UBS (UBSG.S) cut its bonus pool by 17 percent in 2016 to 2.9 billion Swiss francs ($2.9 billion) after full-year net profit almost halved at Switzerland's biggest bank.
In its compensation report published on Friday, UBS also disclosed Chief Executive Sergio Ermotti received 13.7 million francs in total compensation for 2016, down from 14.3 million a year earlier. His bonus was down 5.2 percent.
While lower profits weigh on bonuses, UBS has also cut the proportion of earnings dedicated to bonuses in recent years in an effort to prevent the sort of risk-taking which contributed to the financial crisis.
Most European investment banks paid out smaller bonuses in 2016 as they cut costs and sought to meet shareholder demands for a greater share of profits.
German rival Deutsche Bank (DBKGn.DE) cut bonuses drastically as it struggles to turn a profit and faces a big bill for litigation.
Also on Friday, UBS lowered its 2016 profit, originally reported in January, by 102 million francs to reflect a settlement in March with the National Credit Union Association over mis-selling residential mortgage-backed securities.
This resulted in full-year net profit coming in at 3.2 billion francs from 6.2 billion in 2015.
UBS shares fell 18.3 percent in 2016, a steeper drop than the European banking sector index .SX7P.
(Reporting by Joshua Franklin; Editing by Michael Shields)
GameStop Corp, the world's largest retailer of videogames and gaming consoles, reported better-than-expected quarterly results on Thursday, but left its full-year earnings forecast unchanged, sending shares down 6 percent in extended trading.
CHICAGO Best Buy Co Inc reported an unexpected rise in first-quarter comparable sales and the No. 1 U.S. electronics retailer said it planned to save $600 million in costs by the end of fiscal 2021, sending shares to an all-time high on Thursday.