UBS Plans Bonus Cuts of as Much as 20% in Wealth Business
- Bank said to damp down expectations in Asia, Europe regions
- Volatile markets pushed rich investors to the sidelines
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UBS Group AG is telling some wealth managers in Asia and Europe to expect a bonus cut of as much as 20 percent for 2018, people with knowledge of the matter said, after the business missed estimates in the fourth quarter.
The Swiss 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.