BUSINESS
03/06/2009 05:12 am ET Updated May 25, 2011

UBS Shells Out Big Bonus Bucks for Brokers

UBS hired a team of five in Dallas from Goldman Sachs Group Inc. with $4 billion under management, and a group of the same number from Morgan Stanley in Houston with $2.1 billion in assets, Karina Byrne, a spokeswoman for the Zurich-based bank, said in an interview yesterday.

The largest Swiss bank lured employees by offering signing bonuses of as much as 260 percent of the revenue the brokers brought in over the previous 12 months, said two people with knowledge of the matter who declined to be identified. By contrast, Merrill Lynch & Co. brokers were offered up to 100 percent of the revenue they brought in to stay following the sale to Bank of America Corp.

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