UBS is telling some wealth managers in Asia and Europe to expect a bonus cut of as much as 20% for 2018, people with knowledge of the matter said, after the business missed estimates in the fourth quarter.
Bloomberg News reports that the bank is keeping expectations low after a bad stretch in the final three months of the year, said the people, who asked not to be identified because the matter is private. Clients pulled about $8 billion from the wealth unit as financial market volatility pressured both stocks and fixed-income assets.
The withdrawals topped off a year that also saw clients reduce their borrowing, amid swings in asset values. Transaction-based revenue, especially in the Americas and the Asia-Pacific region, fell to the lowest in a decade in the quarter.
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