The bonus situation at Swiss banking giant UBS doesn’t sound pretty this year…
The New York Post’s Mark DeCambre reports that about 25 per cent of UBS’s top managers in the investment bank will receive no bonus this year. Nothing.
Meanwhile, UBS’s investment bank head, Andrea Orcel, was just granted $26 million in deferred compensation and shares, Dealbook’s Julia Werdigier reported.
The reason he’s getting that much has to do with benefits he forfeited when he joined UBS from Bank of America Merrill Lynch. He spent 20 years at Merrill.
UBS’s CEO Sergio Ermotti was paid about $9.3 million in comp for 2012.
Back in October, UBS said that it would cut nearly 10,000 jobs worldwide.
The bank is expected to release its annual report today. That should provide further details on compensation.
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