Apparently there are some pleasantly surprised junior mistmakers today.
Top 1st years: 65
Top 2nd years: 80
Top 3rd years: 105
From the front lines: "Expectations were very low so people are happy whereas associates and up are highly concerned with the recent earnings and are preparing to bend over again in February." (The preemptive touching of toes of course presupposes they won't have been sent to a farm upstate by then.)
The Swiss bank will reportedly announce today that it's going to be doing things a little differently around here re: compensation. One, deferrals will start at $250,000 and two, rather than being paid in UBS stock, the non-cash portion of 6,500 senior employees' bonuses will come in the form of subordinated debt that can and will be wiped out in the event the amount of capital on hand falls below the level required by EU regulators, putting the onus on everyone to make sure no one pulls an Adoboli and avoids multi-billion dollar fuck-ups in general.
