BY KATHARINA BART

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

In waiving his bonus, Mr. Grübel stands out among other bank CEOs who are signaling they will resume taking multimillion dollar bonuses after two years of foregoing them or donating them to charity.

Mr. Grübel's waiving of his bonus is also an olive branch to shareholders ahead of what promises to be another tense round of annual meetings this spring because of ...