Finance
UBS Intensifies Cash Clawback From Credit Suisse Defectors
- Swiss bank has contacted hundreds of bankers who owe cash
- Credit Suisse had awarded restricted cash in retention push
Office workers pass the UBS Group AG headquarters in Zurich, Switzerland.
Photographer: Arnd Wiegmann/BloombergThis article is for subscribers only.
UBS Group AG has stepped up an effort to recoup hundreds of millions in cash bonuses that Credit Suisse paid to retain dealmakers before the lender’s collapse.
UBS has contacted hundreds of bankers and offered some multi-year payment plans amid efforts to claw back a chunk of the 1.2 billion Swiss francs ($1.38 billion) in restricted cash bonuses, known internally as upfront cash awards, according to people familiar with the matter and documents seen by Bloomberg News. The amount that UBS is seeking to recover is less than 651 million Swiss francs, said one of the people, all of whom asked not to be identified discussing private information.