UBS reorganizes pay policy for 10,000 staff

FinancialsFOXBusiness

UBS Chairman on ECB leaving rates unchanged: Everything else would have been a surprise

UBS Chairman Axel Weber on the ECB leaving rates unchanged, the uncertain future of Brexit and the outlook for Federal Reserve policy.

ZURICH (Reuters) - UBS has reorganized its pay policy for 10,000 back-office workers, Switzerland's biggest lender said on Monday, changing how their bonuses are calculated.

Continue Reading Below

The staff -- mainly working in functions like human resources, marketing and communication -- will have their bonuses shifted from a variable scheme to a fixed percentage of their salary.

MORE FROM FOXBUSINESS.COM

The move aimed to reduce uncertainty around compensation rather than to scale back the amount paid, the bank said.

"While not guaranteed, variable compensation is anticipated to be around one-half of a month's salary. In a good performance year for the group, variable compensation can be higher," UBS said in a statement.

CLICK HERE TO GET THE FOX BUSINESS APP

UBS said the new process, which would apply to bonuses paid this year, would "streamline" the process of calculating payments.

(Reporting by John Revill; Editing by Michael Shields)