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UBS bankers told bonuses will be cut by 80%


UBS bankers told bonuses will be cut by 80%

One banker said employees were "shocked" at the news that the compensation pool would probably be less than SFr2bn ($1.7bn) - a fraction of the award for 2007.

Wall Street firms cut payments for 2008 by 44 per cent, the second straight decline after two record years, according to New York state estimates. Bank of America is planning to defer bonus payments to some investment banking staff this year.

UBS's approach to bonuses has been influenced by the Swiss government and a backlash to the rescue of the group. UBS had the highest losses from the credit crisis of any European bank.

fraction 少量

defer 延期する

backlash 跳ね返り

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