No bonus for you!
Roughly 25 percent of UBS’ top managers in its investment bank received zip, zero, zilch for their bonus this year, The Post has learned.
The shutout pitched to the hundreds of bankers comes as UBS is thinning those ranks and has already alerted the troops that bonuses would be down 40 to 50 percent from previous years.
The Zurich-based bank run by Swiss-Italian Sergio Ermotti is embarking on a significant restructuring of its investment-banking platform that includes slashing some 10,000 staffers, retooling compensation and dialing back risk.
Of late the bank has been a revolving door of staffers either being laid off or trying to nab a better Wall Street gig.
Some senior managers also are bracing for an expected 10 percent cut to their future restricted stock awards, sources said.
A spokeswoman declined to comment.
A $2.2 billion trading scandal at UBS two years ago resulted in the resignation of former CEO Oswald Gruebel.
More recently the bank was in the spotlight for a $1.5 billion settlement involving allegations that its traders colluded to help rig Libor, a key interest rate.
The pay changes, sources added, are aimed at showing shareholders and regulators that UBS is on a path to reform.
Last month, the bank said it changed its pay structure to better “align employee and shareholder interests.”
UBS is expected today to submit its roughly 45-page annual report, providing still further clarity on its compensation plans.