UBS, one of the banks hardest hit by the financial crisis, will not award senior staff SFr300m ($281m) in cash bonuses after failing to hit internal profit targets – a stark sign of how pay reforms are hitting bankers' wallets.
Like many big banks, UBS has overhauled its bonus structure to more closely align pay with long-term performance. This includes the introduction of a novel “malus” [opposite of bonus] system and allowing the bank to claw back payments if results fall short of targets.
It emerged yesterday that UBS will not disburse about SFr300m – nearly 10 per cent of its total bonus pool – to senior staff because the bank failed to make a net profit for 2009, a condition of its so-called “conditional variable compensation plan”.
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