Skip to main content

Bonus Watch '14: UBS

  • Author:
  • Updated:

It's going to be a cold, dark bonus season at the Swiss bank, thanks to the foreign currency double-teamers who had to ruin things for the whole group.

UBS has been ordered to cap bonuses for foreign-exchange and precious-metals bankers as Switzerland’s regulator probes 11 of the bank’s current and former employees as part of its inquiry into currency rigging. The Swiss Financial Market Supervisory Authority, or Finma, is investigating the spot-trading desk based near Zurich, where the investment bank is located. The unit employed about 14 people in the period under probe, and Finma is questioning individuals including senior managers of foreign-exchange and precious-metals trading, it said...Finma capped variable compensation for UBS’s foreign-exchange and precious metals employees to 200 percent of basic salaries for two years and UBS will be obliged to automate at least 95 percent of its foreign-exchange trading...It also said UBS will introduce a review and approval process for other employees at the investment bank in Switzerland whose bonuses are larger than twice their basic salaries.

UBS to Curb Bonuses Amid Swiss Currency Probe of Staff [Bloomberg]


Bonus Watch '13: UBS

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

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."

Bonus/Layoffs Watch '13: UBS

Both are expected to go down shortly.

Bonus Watch '13: UBS

From the front lines: