No surprises - unless there's a surprise.
UBS’s investment-bank staff can expect a 'solid year for compensation' despite shaky global markets after the bank performed well in the first three quarters of 2015, according to Andrea Orcel, the head of the unit.
Bloomberg News reports that pay will depend 'on how we close the year and on not having bad surprises', Orcel said in an interview in Davos, Switzerland. He also said the U.S. will be the bank’s top priority for growth because of its relatively small position there.
Orcel’s comments come as investment bank pay is under pressure at a number of firms. Credit Suisse CEO Tidjane Thiam said remuneration is the battleground in his attempts to restructure the investment bank. Deutsche Bank may cut bonuses by almost a third as co-CEO John Cryan tries to bring down costs.
UBS will report fourth-quarter results on February 2.
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