UBS Cuts Asia Investment Banking Bonus Pool by 8%
- Bonuses cut as market rout crimps equity offerings in Asia
- Managing directors said to be hardest hit on variable payouts
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UBS Group AG reduced the 2018 bonus pool for its investment bankers in Asia by about 8 percent after a slump in equity offerings last quarter hurt fees, according to people familiar with the matter.
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.