News

Bonus Watch ’13: UBS

…employees will get their bonus numbers when management feels like giving them their bonus numbers!

While most of their colleagues on the Street either have received — or at least have been informed what their year-end pay might look like — UBS bankers remain in the dark about bonuses. The Zurich-based firm is at least two weeks behind in handing out bonuses. Not that bankers at Switzerland’s No. 1 bank will be overjoyed once they get them — because they will be as much as 40 to 50 percent less than in prior years…The bank, sources said, expects to tell its employees about their bonuses some time in mid-March — which would mean many staffers would be learning the size of their bonuses nearly a month later than usual and after all of the bank’s peers. The pay delay comes as UBS boss Sergio Ermotti is undertaking a massive restructuring of the bank to re-emphasize its wealth-management business and shrink its riskier fixed-income operations in order to appease its Swiss regulators weary of the bank’s misadventures in banking.

[NYP]

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27 Responses to “Bonus Watch ’13: UBS”

  1. Sam Molinaro says:

    I wonder what first-year Legacy and Non-Core numbers will be.

  2. Flashback Analyst says:

    When I was in high school, I worked a job plowing snow in the winters. Because most of the work would have to be done spontaneously in the middle of the night, the company paid a portion of wages as bonuses at month's end. The first month it went fine, then in January my boss delayed payment while he "collected receivables and reorganized his books". Then the same in February, then March. Next thing I knew the season was over, the company closed up shop, and I got shafted.

    That's what this reminds me of.

  3. Ex UBS analyst says:

    This place stole my fucking youth and child like optimism.

  4. Guest says:

    I have a creeping suspicion that "no news is good news" doesn't apply in this situation…

  5. Ex UBS intern says:

    UBS is just a fancy acronym for internment camp.

  6. guest says:

    "UBS bankers remain in the dark about bonuses."

    The reason they remain in the dark is b/c there's nothing to see.

  7. Bejujular says:

    It's like a surprise birthday! So exciting, I hope they announce it at Chuck E. Cheese!

  8. guest says:

    "40-50% lower than in prior years." So all you guys who got gooseggs last year, bring your checkbook to the comp communication meeting.

    • Guest says:

      40-50% of 0 lower than 0 is still 0.

      You must be one of the folks who got goose eggs at UBS last year

      – UBS quant feeling very proud about his calculations above

  9. Mike's driver says:

    Stewart still gets his guarantee in cash, right?

  10. Grunt says:

    Thats OK – I don't plan on working too hard until I feel like to either.

  11. Motivation Quant says:

    So, they'll announce in mid-March and likely pay out a few weeks afterwards, thereby avoiding most of the seasonal mobility in the industry that happens in February-early March after people at other banks take their disappointing bonuses and leave. If that's your game, stall a little longer, and really lock 'em in.

  12. Rodskog says:

    What is worse? Me, in general, or Bayer's breath?

  13. Ex-UBS, ex-Macquarie says:

    Sounds like Acquarie. Delay as long as you can. Benchmark against the peer group, then cut the bonus pool in half.

  14. deez nuts says:

    I feel it is I who should be paying them to watch the place collapse on itself, it's entertaining.

    -UBS Misery Quant

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