UBS Changes Bonus System for 10,000 Corporate Center Staff

UBS Group AG scrapped individual variable bonuses for about 10,000 employees at its corporate center, and instead will pay people a percentage of their annual salary.

Igor Moser, a spokesman for the lender, confirmed the change, which was first reported by newspaper Sonntagszeitung. The payout would amount to roughly half a month’s salary, he said. Employees who would have seen their total compensation fall as a result will have their fixed salary topped up.