SmarTrend(R) News Watch: UBS Upholds Base Salary Increase Despite Criticism

According to an internal memo, CEO of Swiss bank UBS (NYSE:UBS) Oswald Gruebel said that the company would be upholding its policy of paying its bankers market wages following a heavy wave of criticism for upping its base salaries. UBS announced that it was raising salaries for senior bankers by 50% to offset reductions in bonuses, which were lowered by 78% to cut costs after the bank accepted federal aid. "We have to pay our employees in line with the market." Gruebel went on to say, "We will stick to this stance, even if it is criticized in the emotional debate over salaries."

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Related terms: ceo, federal, market, nyse, policy, salaries