Bonuses were “out of control” at UBS.
Investment bank UBS lost $37bn in the credit crunch, leading to an internal investigation into how it happned. They probably wished they hadn’t now, as they found they were all paying themselves too much! Staff pay soared by over a third in the past 2 years to over $20bn, coupled with lavish incentive schemes - which clouded traders’ desire to look at how their bets might impact the bank. In other words, people got greedy, so step in the Bank of England with a £50bn rescue package. If you get an interview at UBS, best keep questions over pay until the second round…
Tags: Banking, Credit Crunch, Incentives
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Leave a comment