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UBS changes to bonus system, for 10'000 employees

UBS , there is a small Revolution. Around 10'000 employees in the Corporate Center will no longer receive a Bonus, but a half a thirteenth month wage. "In the case of employees up to and including lower management in the Corporate Center, the remuneration system was changed. There are not a individual variable remuneration, but a payment equal to a percentage of the Salary, for example, in the context of a half-month salary or even more in a good year," confirmed spokeswoman Eveline Mueller-Eichenberger. Affected employees who earn between 50'000 and 100'000 Swiss francs in the year. The payment is often smaller than the old Bonus. In these cases, were, however, made adjustments to the Fixsalär.

However, the Bonus pot to the Bank there to talk about. How much there is total, will be made known to the Bank in mid-March. UBS chief Executive Sergio Ermotti said at the WEF in Davos, it will give about the same as last year, which would be 3.1 billion Swiss francs. However, it is distributed differently. The asset management, the new management of the Co-chief Martin Blessing and Tom Naratil, delivered in the fourth quarter of bad Numbers. Of the Bonus, some of the Swiss are likely to be affected.

Andrea Orcels blocked a 50-million franc bonuses

Still talking, the departure of investment Bank chief Andrea Orcel last fall. He wanted to go to the Spanish Bank Santander and CEO. It should, because the Spaniards have made in the last Moment back out of it, because you don't want to take on the accumulated bonuses Orcels of nearly 50 million. Orcel earned at UBS, every year, around 10 million Swiss francs. In 2013, there were 11.4 million, of which 9 million as a Bonus. Is not paid immediately but deferred for 89 percent.

To 59 percent of the payout in shares and 30 per cent in DCCPs, a participation program that will be paid only after a five-year lock-up period later. Orcels bonuses were blocked due to EU-regulation in addition, for two years, even seven years. He would have gone to Santander, would have made the UBS 50 million special profit. Therefore, Santander's President Ana Botin believed that she could bring UBS to take part. This failed, however, because UBS was afraid of a precedent. Therefore, Orcel is now unemployed and must remain one for seven years, he wants to cash in on the whole 50 million.

(Sunday newspaper)

Created: 10.02.2019, 10:18 PM

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