Employees will have to sit tight for another couple months.
FYI: Notification went out this morning from HR. Stated that "due to time required to ensure they meet compliance and regulatory requirement, bonus communication day is being pushed back to Feb16 with payment now in March."
Here's the email:
Sent: Tuesday, February 01, 2011 6:19 AM
To: 'All UBS staff'
Subject: Delays to compensation timeline
As you may be aware, the original Core Cycle timeline assumed that compensation and promotion decisions relating to the 2010 performance year would be communicated from Wednesday, February 9.
This communication will now need to be delayed by one week to Wednesday, February 16. This is important in light of the reviews we still have to do, the need to ensure all checks are completed consistent with regulatory requirements and to ensure high quality execution of the payment process.
As a result of this change, cash bonuses will now be paid in accordance with the incentive payment schedule which is similar to 2010 - in some instances the payment is delayed into March. A payment schedule by location is available on the intranet. All promotions and/or changes to base salaries will remain effective March 1.
We apologize for this unavoidable delay but know that you share in our commitment to ensure that this process is done with the required accuracy.