Avianca Holdings has come under public scrutiny in Colombia for paying its top two executives over $6M in bonuses in May during a time when the airline had furloughed most of its workers without pay and was preparing a bankruptcy filing, Reuters' Marcelo Rochabrun reports. The carrier paid CEO Anco van der Werff $3.7M and paid CFO Adrian Neuhauser $2.8M on May 6, Rochabrun says, citing bankruptcy court documents. Five days after the payments, Avianca filed for Chapter 11 bankruptcy protection in the U.S., the author says, noting that van der Werff said the company was "facing the most challenging crisis" in its history at the time. The company defended the bonus payouts, saying they were necessary "as an incentive for the company's management team to continue to provide services to Avianca," the author notes. Reference Link

The chairmen of both UBS (UBS) and Credit Suisse (CS) backed a merger of equals between the two Swiss lenders during talks earlier this year, though talks have since stagnated, Reuters' Brenna Hughes Neghaiwi reports, citing Swiss magazine Bilanz. The details of the alleged merger talks indicate that a tie-up between the two companies had been more seriously considered than previously known, receiving support from both sides, Neghaiwi says. Reference Link