Swiss bank UBS is freezing investment bankers’ salaries, Bloomberg reports.
Salaries will remain frozen at least until the next quarter, at which point the firm will “revisit” the compensation structure, according to the report.
The plan will apply to the more than 5,000 people in the securities unit, including those who have been promoted, Bloomberg reports.
And over at Deutsche Bank, things are looking equally rough.
Credit Suisse CEO Thiam has previously said that investment banks’ pay model “does not work” because of the cyclical nature of that industry.
Last October, Deutsche Bank CEO John Cryan pointed to the “significant challenges” of his firm’s “inflexible compensation culture.” Also in October, Barclays chairman John McFarlane spoke at the annual conference of the British Bankers’ Association in October and argued that bankers earned too much.
Business Insider has reached out to UBS for comment and will update if we hear back.