...compensation costs remained stubbornly high, due in part to management's decision to pay employees most of their bonuses immediately, rather than deferring big portions of pay to future years as some rivals have done. "We are very comfortable with our approach on deferrals at the firm and we didn't need to increase it," Chief Executive Kenneth Jacobs said in an interview. "There's just no free lunch there." [Reuters]
Bonus Watch '12: UBS
Numbers for first and second year analysts (who are not happy). "It's been two weeks since UBS numbers came out and nobody wants to talk about it, for obvious reasons. Second years (base: 80k) ranging 45-65k and heard of some first years getting around 40k (base: 70k). And they could only achieve these numbers ("in line with the street") after firing 30+ analysts right before communication day."