UBS cuts bonus pool for 2010 to $4.5 billion

Swiss bank UBS AG will pay out less money in form of bonuses in 2010 than in the previous year, Swiss weekly Sonntag reported on Sunday. UBS's total bonus pool for its some 65,000 employees would amount to 4.3 billion Swiss francs ($4.5 billion), compared with 4.8 billion for 2009, the paper said.
One reason for the lower amount was that UBS raised the fixed part of employees' salaries by 10 to 20 percent, in line with practice at other banks, the paper said.
UBS spokesman Peter Hartmeier declined to comment on the numbers and said the bank would provide details about its salary system when it publishes full-year results on Tuesday.