UBS Caps Cash Comp At $750K

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 tips@dealbreaker.com. 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]