...employees will get their bonus numbers when management feels like giving them their bonus numbers!
While most of their colleagues on the Street either have received — or at least have been informed what their year-end pay might look like — UBS bankers remain in the dark about bonuses. The Zurich-based firm is at least two weeks behind in handing out bonuses. Not that bankers at Switzerland’s No. 1 bank will be overjoyed once they get them — because they will be as much as 40 to 50 percent less than in prior years...The bank, sources said, expects to tell its employees about their bonuses some time in mid-March — which would mean many staffers would be learning the size of their bonuses nearly a month later than usual and after all of the bank’s peers. The pay delay comes as UBS boss Sergio Ermotti is undertaking a massive restructuring of the bank to re-emphasize its wealth-management business and shrink its riskier fixed-income operations in order to appease its Swiss regulators weary of the bank’s misadventures in banking.
[NYP]
