Key employees of UBS Asset Management are charging a variable salary that is practically equal to or slightly higher than last year. The differences in the region are significant. In Asia, bonuses for asset managers could be increased by 10 percent. In Europe, some bank employees could see their bonuses drop by 10 to 15 percent.
Banks around the world are grappling with the disproportionate impact of the Coronavirus pandemic. For example, rising stock markets stimulated trade. However, the closings in many countries have had stifling economic ramifications, making lenders brace for any defaults.
UBS mainly benefited from its business model last year, as its low-risk loan portfolio caused fewer losses than many of its competitors. The portfolio is mainly comprised of mortgages, loans for the wealthy, and some corporate and retail loans in booming Switzerland.
Hammers recently said that the strong customer relationship helped the bank bring in more than $ 100 billion in net new funds from its asset management department in a tumultuous year. Hammers is currently reviewing all of the bank’s activities and expects to be able to provide an update on its strategic initiatives and plans in the second quarter.
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