UBS Raises Base By For (Some) Employees
Over the past year or so, a lot of people have chosen to voluntarily leave UBS, 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 (the staff’s pay overall being nothing to write home about, either), and with morale taking a hit in the wake of suggested layoffs and someone losing the place $2.1 billion, employment with places where you're robbed at knifepoint look good. The last time staffers inquired about compensation, investment-banking chief Carsten Kengeter told them to put a sock in it. So, some may be a bit gun-shy about bringing it up again. Happily, today brings exciting news. Some people are getting a raise!
UBS will increase salaries among its staff in Switzerland up to middle managers by 0.7 percent, sharply lower than a 2 percent hike last year as the bank slashes spending, including through job cuts...UBS's payroll policy applies to 70 percent of its 23,590 staff in Switzerland. Bonus pay for top management is not disclosed until UBS's annual report in published in March. UBS's pay lift is slightly higher than that of rival Credit Suisse, which will pay comparable staff in Switzerland 0.5 percent more.
Condolences if you work in Stamford, are above middle-management, or were expecting a slightly bigger bump. Beggars/choosers/better luck next time, etc.
[Reuters]
