Bonus Watch '13: UBS

From the front lines:

Author:
Bess Levin
Updated:
Jan 14, 2019
Original:
Mar 11, 2013

From the front lines:

"Here are the autopsy results from last week (this is for fixed income sales & trading, who were told if they made it through layoffs were good to go and would be paid): Way more than just 'the bottom 50%' got zeroes. Questions were asked about criteria for ranking in the top vs. bottom 50, none of which were answered. It seemed clear that there was no formula and that the people who were told they would get 'market' got nothing close to it. Everybody left the office for the rest of the day. At one point there was only one guy on any of the desks - and he was drunk. It's still a ghost town almost a week later."

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Not everyone received a package that resulted in a nice long cry. Andrea Orcel, for example, did pretty okay for himself.

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...employees will get their bonus numbers when management feels like giving them their bonus numbers!

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Both are expected to go down shortly.

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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.

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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."

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Bonus Watch '13: UBS