Bailed-Out UBS Rewards Bankers With Pay Hike

Swiss bank to boost salaries up to 200%
By Jason Farago,  Newser Staff
Posted Mar 2, 2009 4:35 AM CST
Dark clouds gather over the logo of UBS in Zurich, Switzerland.   (AP Photo/Keystone, Alessandro Della Bella, file)
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(Newser) – UBS has been one of the most stricken banks of the last two years, receiving government aid and slashing bonuses. But now the Swiss giant is doing something few would expect in this market: offering pay raises. Senior bankers who complete a performance review will see their salaries spike from $172,000 to $429,000—still less than when they received bonuses, notes the New York Times.