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MarketScreener Homepage  >  Equities  >  SIX SWISS EXCHANGE AG  >  UBS Group AG    UBSG   CH0244767585

UBS GROUP AG

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UBS rates bankers' behavior in performance review revamp: sources

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02/15/2016 | 09:09am EST
The company's logo is seen at a branch of Swiss bank UBS in Zurich

ZURICH/LONDON (Reuters) - Swiss bank UBS has begun scoring employees specifically on their behavior, meaning year-end bonuses could be affected by whether they act ethically or are team players, two sources familiar with the policy said on Monday.

UBS, Switzerland's biggest bank with around 60,000 employees worldwide, began last year giving staff a grade of one to five on their behavior, the criteria for which include integrity and collaboration.

Behavior counts for around 30 percent of employees' performance reviews, which also reflect the overall quality of work and form the basis of bonus rewards.

For the previous two years, behavior was a factor in the reviews but employees were not given a separate score for it.

UBS has forked out billions of dollars in recent years to settle a string of scandals, including manipulation of benchmark interest and foreign exchange rates as well as aiding tax evasion by U.S. clients.

The bank also suffered a more-than $2 billion hit from a rogue trading scandal in 2011.

The new review format was first reported by Swiss finance blog Inside Paradeplatz.

Reuters reported last week that UBS was looking at the relative pay of men and women in its investment banking arm as part of its compensation review, and was taking steps to close any significant gaps.

UBS is also freezing pay across its investment bank, pending a review in the second quarter of the year, two sources familiar with the matter told Reuters last week.

(Reporting by Joshua Franklin in Zurich and Anjuli Davies in London; editing by Adrian Croft)

Valeurs citées dans l'article : ARM, THE BANK, UBS Group AG
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Managers
NameTitle
Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group Chief Operating Officer
Kirt Gardner Group Chief Financial Officer
Reto Francioni Independent Director
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