Bloomberg News reports that UBS said in a filing that it paid £41.6m in bonuses to 1,695 employees at the unit, which bundles the wealth management operations in Europe and has a license for investment-banking services. Three employees earned between £1.4m and £ 1.8m 2016.
UBS, Switzerland’s largest bank, bundled its European wealth management operations last year in a push to cut costs. UBS also recently combined its cross-border operations and onshore businesses in a set-up that will reduce the number of offshore booking centers from about 10 to three - Switzerland, Germany, and the U.K. The European onshore businesses will be integrated in the bank’s new continental hub in Frankfurt.
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