As you may have heard, lots of people have been leaving UBS lately, which may have something to do with the fact that people would like to get paid. While a handful of marquee names (within the industry) have been lured with big checks, many senior bankers have heard nary a peep re bonuses in several years (and the staff’s pay overall is nothing to write home about, either), making employment with places like Citi look good. Possibly seeing recent defections to Vikram's House of Kicks as one indignity too far, management tried to put a stop on the exodus late yesterday.
FYI, UBS just gave base raises of 30-40pct for most of the I-bankers and capital markets employees to try and and stay competitive with market pay.
If that doesn't work it'll be back to tough love.