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UBS
Swiss bank UBS [UBS
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] already overhauled its compensation system at the end of 2008 after receiving state aid from the government.
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The internal memo, released to UBS staff on Oct. 5, showed that the bank now plans to go further to meet regulatory demands in Switzerland and internationally.
"At UBS, the ratio of variable to fixed compensation was in some cases particularly high," the memo said.
"Fixed salaries at UBS should, in the future, be high enough that the variable portion can be adjusted from year to year, while still ensuring that the total compensation is in line with market standards."
Swiss competitor Credit Suisse [CS
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UBS said that bonuses would in future be based on the profitability of each division after deducting capital costs. Other indicators, such as revenue quality and the market position of the division, will also be taken into account.
"We can only fully implement this system, however, when our most important businesses return to profitability," UBS said. "For compensation decisions for the transition year 2009, our general approach is to offer market-competitive compensation in all divisions."
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