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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Comments

[jneuman771]

We got to hire these people because someone else wants them does not hold.
These companies tanked...t­hey tanked because of these people didn't get the job
done. Why pay money for those who lost it? Clients leaving...­.they are leaving
because someone, somewhere else can do the job better....­that's why those places
are in trouble...­and you have to rush to the "fire sale" and hire them?

[American04]

Bonuses based on revenue and not profit, we got MORONS running are banks.

[VivaZapata]

the second two letters of the firm's name says it all. under the mattress is better than the big banks, UBS being one of the worst.

[Emerald1943]

And only last night on TV.UBS was still trying to tell us that putting our money with them was a good thing! You know, "you and us, UBS"! I recommend tightly sealed coffee cans buried in the yard for your money....p­robably a lot safer! You lose the meager 1 or 2% interest on your account, but you save the bank fees!

[RJII]

this is a great idea, assuming the dollar doesn't bottom out. Then the coffee cans will be worth more than the money.

[winningticket]

UBS is another hoodlum bank. Paying people bonuses to help wreck the world's economy. Isn't banking grand?

[jeffp26]

Business as usual.

[MsRy]

yep. same old same old.

[filo]

How much of a cut does Phil Gramm get ??

[One more Thing]

Where is he now?

[djgonebad]

"...,it sought to counter client defections­,...the world’s biggest manager of money for the rich, is trying to halt withdrawal­s,...“It’s a strong bet on the future of the U.S. (government bail-out money),...­So far the integration into the overall wealth management franchise has not yielded that much of a benefit,..­."

I guess their getting them (people with money) while they can, because eventually the money is going to dry-up.

In other words, this might be one of the biggest gambles in the history of capitalism.

[VivaZapata]

Putting your money with an investment firm is dumb. I did it seven years ago. they lost a lot of my money (albeit relatively meager savings). Yes. I was dumb.