After completely exing out their fixed income group, UBS finally has some good news for bankers. According to Bloomberg, those who survived the culling at Switzerland’s biggest bank will get a raise.
Wall Street is still downsizing from the financial crisis — trying to pay for lawsuits, figure out which businesses to boost amid new regulation etc., so news like this is a big deal for bankers everywhere. It’s possibly an even bigger deal at UBS, where the end of its fixed income business meant 10,000 lost jobs.
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 per cent, one of the people said. Some employees may get as much as 25 per cent, 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.
Enjoy that, people.