Wealth Management

UBS changes bonus system for 10,000 corporate centre staff

UBS - Credit Bloomberg

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The corporate centre includes functions such as human resources and information technology.

Monday 11, February 2019

(Bloomberg) --UBS Group scrapped individual variable bonuses for about 10,000 employees at its corporate centre, 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 pay-out 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.

Staff who earn between CHF 50,000 ($50,000) and CHF 100,000 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 CHF 3.1 billion.

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.

TAGS : UBS, corporate centre

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