MADRID (MarketWatch) -- Swiss banking group UBS AG plans to rescind a portion of the bonuses it handed out to its top-paid investment bankers last year, after a trading scandal triggered losses for 2011. According to a report in The Wall Street Journal on Thursday, citing a person familiar with the matter, the UBS board has decided it will ask for 50% back of share-based bonuses awarded in 2011 to those investment bankers whose bonuses were in excess of 2 million francs or $2 million. The WSJ said it is one of the biggest pullbacks in bonuses to date seen at any global bank. A trading scandal in London last year contributed to a 2011 loss of 1.2 billion Swiss francs for UBS. Under the new board move, bankers will get half the shares due this year. A spokesperson from UBS could not immediately be reached for comment.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

SYDNEY (MarketWatch) -- Mining giant Rio Tinto Ltd. said Thursday that its fiscal-year net profit fell 59% to $5.8 billion. The firm said that the result was hit by an $8.9 billion impairment charge relating to its aluminum business and underlying earnings rose 11% to $15.5 billion. Chairman Jan du Plessis said that, as the aluminum impairment charge largely relates to the acquisition of Alcan, chief executive Tom Albanese and chief financial officer Guy Elliott have said that they do not wish to be considered for an annual bonus "and I think that is absolutely right." He added: "We anticipate that uncertainty in the financial markets, particularly around the euro, together with elevated price volatility, will continue into 2012. This leads us to remain cautious about near term prospects."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.