Last week we reported that UBS had informed employees they'd have to wait a bit longer to find out how much they'd be taking home this year, with 'number communication day' being moved 'til the 16th and 'money in your pocket day' being delayed 'til sometime in March. CNBC speculated that UBS was stalling for time until they could scrape together a few more dollars, on account of the amount they had to divvy up among the staff being "unworkable." Today UBS Chairman Oswald Gruebel said 1) shut your mouths and 2) size has got nothing to do with it.
"In my 50 years in that business, investment bankers always believe that the pool is too small but for the delay it was purely operational, no other reasons," Gruebel said in an interview.
Delay Not Due To Pool Size [CNBC]