As we reported last week, in response to the sense it was getting that people were quitting and/or not accepting offers because they wanted to get paid, UBS raised base salaries for some employees. Not everyone got a bump, however, making the statement by CFO John Cryan that raises were "across the board" chap some serious hide.
I wanted to flag an inaccurate statement about UBS floating around this morning. In it our CFO John Cryan says they increased base salaries by about 5-10 pct "across the board in response to the market." That is an outright lie. Those of us in sales saw no raise and I'm told research and trading are in the same boat. Department managers have no explanation for why this lie is being said.
Perhaps they're faking people out in order to surprise them with raises later this week?