Bloomberg News reports that Managing directors were the hardest hit, the people said, asking not to be identified because the information is confidential. More executive directors will get no bonus for 2018 compared with the year before, one of the people said. A representative for UBS in Hong Kong declined to comment.
The shrinking bonus pool for senior dealmakers in Asia is a reversal from the previous year, when bonuses rose 6% reflecting a rebound in deals and efforts to retain junior staff focusing on China. Junior bankers may still get raises for 2018 as the industry vies for young talent in the region, the people said.
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