UBS Changes Bonus System for 10,000 Corporate Center Staff
The payout would amount to roughly half a month’s salary.
(Bloomberg) -- UBS Group AG scrapped individual variable bonuses for about 10,000 employees at its corporate center, and instead will pay people a percentage of their annual salary.
Igor Moser, a spokesman for the lender, confirmed the change, which was first reported by newspaper Sonntagszeitung. The payout would amount to roughly half a month’s salary, he said. Employees who would have seen their total compensation fall as a result will have their fixed salary topped up.
The corporate center includes functions such as human resources and information technology. Staff who earn between 50,000 francs ($50,000) and 100,000 francs are affected by the change.
Chief Executive Officer Sergio Ermotti said last month that UBS’s total bonus pool would be roughly the same size as last year’s 3.1 billion francs, the newspaper said.
Ermotti said in Davos last month that he does not expect “many big movements,” Moser said. The spokesman declined to confirm the figure named by the newspaper, saying it would be made public in March.
To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Keith Campbell, Steve Geimann
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