Employees will have to sit tight for another couple months.
FYI: Notification went out this morning from HR. Stated that “due to time required to ensure they meet compliance and regulatory requirement, bonus communication day is being pushed back to Feb16 with payment now in March.”
Here’s the email:
From: UBS-Human-Resources
Sent: Tuesday, February 01, 2011 6:19 AM
To: ‘All UBS staff’
Subject: Delays to compensation timeline
Dear colleagues,
As you may be aware, the original Core Cycle timeline assumed that compensation and promotion decisions relating to the 2010 performance year would be communicated from Wednesday, February 9.
This communication will now need to be delayed by one week to Wednesday, February 16. This is important in light of the reviews we still have to do, the need to ensure all checks are completed consistent with regulatory requirements and to ensure high quality execution of the payment process.
As a result of this change, cash bonuses will now be paid in accordance with the incentive payment schedule which is similar to 2010 – in some instances the payment is delayed into March. A payment schedule by location is available on the intranet. All promotions and/or changes to base salaries will remain effective March 1.
We apologize for this unavoidable delay but know that you share in our commitment to ensure that this process is done with the required accuracy.
I’ll take “Things that Suck for $1,000 Alex”
wow, they really do suck
New guy in town
You should tag “delayed disappointment” instead of gratification; describes the situation a bit more realistically.
Additionally, this is “classic tactics” by UBS…the whole idea is that the longer they wait to tell you your bonus number, the longer they have to hold onto you, and the less jobs will be available once you finally do receive your number. It’s a “free option” to UBS management – clever little buggers.
“..payment now in March”. 2013, that is.
present value of $0 is still… zero
Huh? I started working at another bank without quitting my job at UBS more than a year and a half ago and they still haven’t noticed…
- Hardworking IBD Healthcare Analyst.
I know these regs like the front of my partner’s hand. The clause you are looking for is in section 2,942 paragraph 8,239 on page 102,645,397 – it’s really quite simple.
When have Wal-Mart gift cards ever violate reg rules?
cfa > mba
they just offered me a job! 150 base plus 350 target bonus!! should I assume that the 350 is a LOCK??? I need to respond by 4:00 today…
UBS still exists??
UBS still exists??
Only three digits, damn pay is going down. THat being said, id try and accept by 2pm, you worthless POS
Only three digits, damn pay is going down. THat being said, id try and accept by 2pm, you worthless POS
funniest comment I have read in long time
So much better than the standard, “UBS Sucks… ” without saying why.
Nigerian scammer > UBS offer now?
They’re big in Japan.
They’re big in Japan.
agree, that’s pretty funny. well done
what if they miss the target….
what if they miss the target….
Dear Dealbreaker: Ms. Levin’s post and the headline are not accurate.
An internal memo did go out to employees yesterday, stating: (Bonus) communication will now be delayed by one week to Wednesday, February 16. This is important in light of the reviews we still have to do, the need to ensure all checks are completed consistent with regulatory requirements and to ensure high quality execution of the payment process.”
As a result, cash bonuses will be paid according to a payment schedule that is very similar to our 2010 schedule — for US employees, for example, this will mean the payment will be made the first week of March. This is a delay of only one week, not months, from the original payment schedule.
Regards,
Karina Byrne
UBS Corporate Communications
karina.byrne@ubs.com
hey, Karina, shut the fuck up and focus on paying us on time before half the firm walks out again you useless cum dumpster!
The delay will be mostly in Switzerland as we receive the bonus a month later on 20th march. London (where Investment Banking is based mostly…) and US are paid before. Now I’m asking where the Bank was actually earning money in the last three years dear colleagues and to whom a Bonus should be paid???
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