The delay in the awarding of bonuses at UBS has many in the New York offices of the Swiss banking giant considering whether it is time to move to a rival firm.
The delay in the awarding of bonuses at UBS has many in the New York offices of the Swiss banking giant considering whether it is time to move to a rival firm.
Yesterday CNBC’s David Faber broke the news that UBS was delaying the announcement of bonuses because top managers were unhappy with the size of the bonus pool. They felt that the pool was too small to allow them to fairly compensate their teams. Some feared they could lose their best people if they awarded bonuses smaller than what other Wall Street firms were handing out.
This could be taken as good news by UBS bankers—their managers are sticking up for them, after all. But in conversations with several people at the firm, that’s not the feeling I got. Instead, it has provoked feelings of fear and anger.
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“Look. It feels like they want to screw us. And that we’re going to get screwed,” one UBS staffer told me.
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