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UBS Caps Cash Comp At $750K

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For months now we've been talking about the likely downward trend in bonuses on Wall Street this year. And now UBS has declared it a reality. They've announced a cash pay cap of $750,000 for investment bankers and traders, with additional compensation to be paid in stock.
Send your bonus rumors and, if you want, actual information to If your bonus is high enough, we may even let you buy drinks for Bess Levin.
A Salary Cap For Bankers: $750,000 Max [Wall Street Journal]