(Reuters) – Swiss lender UBS is hunting to raise the bonus pool for its financial commitment bankers by as considerably as 20% soon after a surge in investing profits helped it article the best revenue in five a long time, Bloomberg Information https://bloom.bg/3rrTGCs noted on Friday, citing folks with expertise of the make any difference.
Important wealth management unit workers of UBS, the world’s premier wealth supervisor, will see variable payment flat or slightly up from the prior year, with significant variations dependent on the area, Bloomberg mentioned in the report, attributing individuals individuals.
Prosperity managers in the Asia Pacific locations are envisioned to receive some of the bigger benefits, with bonuses increasing by 10%, Bloomberg explained. Some non-public bank staff members in Europe will see their bonuses lessened between 10% and 15%.
UBS declined to comment on the Bloomberg report.
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Banking companies across the environment have wrestled with the uneven effects of the COVID-19 pandemic, as soaring inventory markets boosted buying and selling whilst national lockdowns experienced crippling economic outcomes, leaving creditors braced for coming defaults.
UBS’ business enterprise model paid out off in 2020, as its lower-risk lending ebook – comprised generally of mortgages and loans to the wealthy, as effectively as some corporate and retail credits in affluent Switzerland – meant less losses than quite a few large avenue rivals.
Chief Government Officer Ralph Hamers a short while ago mentioned a sturdy connection to clientele helped the lender to provide in additional than $100 billion in net new revenue across its prosperity management and asset administration business enterprise throughout the troubled earlier calendar year.
(Reporting by Vishal Vivek in Bengaluru additional reporting by Kanishka Singh Editing by Anil D’Silva)