You get a raise! And you get a raise! And you get a raise!

UBS, Switzerland’s biggest bank, is boosting base salaries for investment bankers to retain key employees and help align pay with competitors, said three people with knowledge of the plan. UBS is informing staff of the move this week, said the people, who asked not to be identified because the plan hasn’t been made public. The average raise for employees in its advisory and trading businesses will be about 9 percent, one of the people said. Some employees may get as much as 25 percent, two of the people said. UBS expects to keep total compensation, including bonuses, unchanged if business conditions remain the same, one of the people said.

[Bloomberg]