UBS to boost fixed salaries, cut bonuses

Bloomberg

UBS Group AG plans to raise the fixed salaries for some of its more senior employees by as much as 20% to prevent poaching by competitors.
A review at Switzerland’s largest bank found differences in base pay among employees in the same roles, and when compared with competitors, people familiar with the plans said. As a result, UBS plans to increase fixed compensation for those it found were underpaid while reducing their variable pay, the people said.
“UBS regularly analyses its total compensation structure,” a UBS spokesman said. “As a result, we will adjust selectively certain salary levels to remain competitive. However, we view any change in salary as total compensation neutral.”
The changes affect employees in every region from executive directors to managing directors that the bank does not want to lose, the people said. They come as UBS makes a number of other changes to its compensation policies, including allowing staff to collect bonuses
more easily after leaving the bank as the Covid-19 crisis prompts more workers to reconsider their careers.