UBS's newly established European entity handed out $258.4m in total pay last year

UBS building

UBS's newly established European entity handed out $258.4m in total pay last year, the first time the world’s largest wealth manager reported remuneration for the unit.

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.

Hit the link below to access the complete Bloomberg News article:

UBS’s New European Unit Handed Out $258 Million in Pay Last Year

Big U.S. Banks Could See Profit Jump 20% With Deregulation

 

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts