UBS Said to Freeze Investment Bank Salaries Amid Turbulence
- Base pay left unchanged for now, even for promotions
- Bank said to be planning compensation review in second quarter
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UBS Group AG has frozen salaries at its investment bank at least until the second quarter when it plans to revisit compensation, according to three people with knowledge of the matter.
Even bankers and traders who have been promoted won’t see their salaries rise for now, the people said. At last count, the securities unit employed about 5,200 people full-time in locations including New York, London, Hong Kong and Zurich.