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UBS Will Stick to Market-Level Salaries, Gruebel Tells Staff - Bloomberg.com

UBS Will Stick to Market-Level Salaries, Gruebel Tells Staff

By Elena Logutenkova and Ambereen Choudhury

May 26 (Bloomberg) -- UBS AG, the Swiss bank which received government assistance, will stick to a policy of paying market wages after being criticized for raising salaries at its investment bank, Chief Executive Officer Oswald Gruebel told employees.

“We have to pay our employees in line with the market,” Gruebel said in an internal memo to staff today. “We will stick to this stance, even if it is criticized in the emotional debate over salaries.”

UBS is boosting salaries for senior bankers at its investment bank by an average of 50 percent to stem defections, three people with knowledge of the matter said earlier this month. The bank cut its bonus pool by 78 percent in January after amassing the biggest loss in Swiss corporate history in 2008 and turning to the Swiss government for help.

The “exceptional” salary increases “were necessary to safeguard our profitable business areas and to secure their success,” Gruebel said. “Following significant cuts in variable compensation, we had fallen well behind the market in certain areas, and that is unsustainable in the long run.”

To help retain senior bankers, UBS had also set aside about 900 million Swiss francs ($831 million) for bonus payments over the next three years under a plan to tie compensation to longer- term profitability. The payments depend on both the bank and the employee’s division being profitable, and on UBS accepting no further capital from the state, the company said in February.

‘Fundamental Change’

Departures at the securities unit this year include Rob Rankin, head of investment banking for the Asia-Pacific region, and Antoine Dresch, who co-ran European telecommunications and media banking. William O’Donnell, head of U.S. interest-rate strategy, also left the company, as did investment bankers Daniel Ward and Sten Gustafson. Alexander Ehrlich was hired by Morgan Stanley to oversee the prime brokerage business.

Gruebel, 65, who was hired out of retirement three months ago, has announced 7,500 job cuts and replaced investment- banking chief Jerker Johansson, 53, with Alexander Wilmot- Sitwell, 48, and Carsten Kengeter, 42.

“I firmly believe that the banking business will undergo fundamental change and will not just experience a sharp correction,” Gruebel said in the memo.

UBS is “moving in the right direction” and now has to focus on analyzing client needs to be able to successfully seize opportunities, he said in the memo. The bank will continue to combine wealth management and Swiss business with a global investment bank and asset management operations, he reiterated.

Gruebel singled out the bank’s equities and foreign exchange trading for “untiring efforts to make our client service the best available,” and said the units “illustrate how we want to run our investment banking business in the future.”

UBS has amassed more than $53 billion in losses and writedowns in the financial crisis, more than any other European competitor, and had to raise more than $34 billion in fresh capital from investors, including the Swiss government. The bank posted a first-quarter loss of 1.98 billion francs ($1.83 billion) after markdowns tied to bond insurers and credit-loss provisions.

To contact the reporters on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net
Last Updated: May 26, 2009 12:13 EDT

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Menuda puta mierda les pagaban, no? Desde la perspectiva de RRHH si tienes margen para subir tu estructura salarial un 50% debería morir lapidado algún que otro director de RRHH y compensación y beneficios.

En cualquier cosa, se refiere a los "senior bankers" no a cualquier currito. Me he perdido algo?

Si no he entendido mal habla de subirle el sueldo en plan pelotazo a los de arriba porque a los pobrecitos les recortaron su paquete de indecentes bonus.

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LO de la banca es un compelto cachondeo, pues que de inmediato devielvan los fondos de rescate.

Yo estoy de acuerdo en que a los dirigentes de CCM se les vaya a subir en linea con el mercado...



con el mercado del barrio

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Tranquilícense amables conciudadanos; se han acabado los abusos bancarios. Los irresponsables han sido castigados sin bonus.

Si lo dices rápido parece "donuts", y así queda mas en contexto para la tomadura de pelo para niños que es que te quiten 10 por un lado y te metan 15 por el otro, pagado con los impuestos de todos.

CCRG operativo ya!!

*Comite Ciudadano por la Reimplantación de la Guillotina

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si se trata de los intrépidos y harto eficaces empleados que han conseguido tras brutales esfuerzos que ubs presente las mayores pérdidas de su historia,sería mejor regalárselos a la competencia

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Menuda gilipollez de artículo.

De ser este el caso se lo habrán subido a cuatro tipos con puestos estratégicos. Por que os aseguro que estan largando a gente sin parar tanto en UBS como en Credit Suisse aquí en Zürich.

La gente anda acojonaita, acojonaita...

Eso es lo grosero de estos temas. Que mientras por una puerta echan gente y con una mano reciben dinero público con dos cojones se suben un 50% el sueldo. Claro está, que se lo suben los que deciden. Como siempre...

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