ZURICH (Reuters) - Swiss bank UBS Group UBSG.S will increase fixed salaries and cut bonuses for some staff in a pay revamp designed to help keep specialists from jumping ship to rivals.
“UBS regularly analyses its total compensation structure. As a result, we will adjust selectively certain salary levels to remain competitive,” a spokesman for Switzerland’s biggest bank said in an emailed statement on Monday. “However, we view any change in salary as total compensation neutral.”
The statement gave no further detail on how many staff would be affected or what the precise impact on salaries and bonuses would be.
A Bloomberg report said fixed salaries for some more senior employees may rise by as much as a fifth in a move that could let the bank lower its bonus pool.
A person familiar with the situation said the changes would take place retrospectively from the start of 2020. It would apply to specialists in high demand from competitors, mostly investment bankers but also others with big books of business.
UBS, the world’s largest wealth manager, said last week it was giving lower-ranking employees an extra week’s pay this year in light of the COVID-19 pandemic and was adding a financial sweetener to ease the exit of employees looking to depart.
Reporting by Oliver Hirt; Writing by Michael Shields; Editing by David Holmes
Our Standards: The Thomson Reuters Trust Principles.