UBS chief executive Oswald Grübel won't accept a bonus for 2010, when the Swiss bank's share price receded 4.4% despite the bank swinging back to a full-year net profit and halting massive outflows of wealthy client funds.

"I'm forgoing a bonus because I was not in a position to add value for our shareholders - our share price ended 2010 at nearly the same level as it began the year," Grübel told Dow Jones Newswires in a telephone interview Friday.