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Comp/Perk Watch '09: UBS

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I bet you thought things were looking up at our favorite Swiss bank in town, didn't you? 'Cause senior bankers' salaries are being raised 50 percent, a largess that may extend to "less senior" employees' salaries, if they play their cards right? Well WAKE UP, ladies. This bone is being thrown to (unsuccessfully) make up for something so much worse.

Chief Executive Officer Oswald Gruebel also said the bank will make savings from cancelling employee benefits. In Switzerland he scrapped car leasing benefits, season tickets for trains, contributions toward gym memberships and free parking.

I mean...what's the point anymore?