UBS in Frankfurt has revealed pay scales for the first time. The Swiss firm's new Europe bank is home to several million-euro earners, and bonuses look lavish.
As finews.com reported this week, UBS in Germany posted a 70 million euro loss for last year. 2016 was the first year to factor in the Swiss bank's new European banking hub in Frankfurt, or UBS Europe SE.
As finance portal «Efinancialcareers» (in German) reports, UBS Europe's collective European activities released pay and bonus information for the first time – and it's illuminating.
Up to 2 Million Euro Payday
Of the nearly 1,700 total employees, roughly 1,000 are in wealth management, UBS' core business. Roughly 600 are scattered among middle and back-office roles in various countries. A further 51 are in investment banking, and 34 in asset management at the European bank.
The unit employs nine bankers with one million euros or more in salary. Last year, six of them earned 1 to 1.5 million euros, with another three taking home between 1.5 million and 2 million euros.
Investment Bankers Lead
Who was paid most handsomely? Investment bankers are in the lead with an average pay of 376,000 euros. Meanwhile, private bankers took in an average 135,000 euros.
UBS' European bonuses were also relatively lavish. For UBS' investment banker, they totaled an average 76 percent of fixed salaries. European Union rules dictate that bonuses may not exceed 200 percent of fixed pay. No such rules exist in Switzerland, where both major banks have nevertheless cut bonuses among its top tier.
