UBS overhauls pay policy for 10,000 employees: Financial Times

Business

FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann/File Photo

(Reuters) – UBS AG (UBSG.S) has overhauled its pay policy for 10,000 staff in an attempt to reduce uncertainty about bonuses and cut the amount of time managers spend on allocating them, the Financial Times reported on Sunday.

Employees working in the Swiss bank’s “corporate center”, which includes human resources, marketing and communications, will no longer receive variable bonuses, the FT said.

UBS was not immediately available for comment.

Reporting by Gaurika Juneja; Editing by Dale Hudson

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