Excitement in the City: a rumour has been circulating to the effect that UBS has hiked salaries for its ‘code staff’ by 25%. One search firm is said to have emailed its client base with the good news.
Code staff are regulated employees who are obliged to comply with European compensation edicts. UBS is said to have been spurred into action by the coming European Union bonus cap, which will restrict bonuses to no more than 2.5 times salaries.
Unfortunately, the rumour may be unfounded. One UBS managing director said the news of the increase was, “astonishing to him.”
UBS was unable to immediately respond for comment. However, a UBS insider said the bank had increased pay this week, but not for all code staff, and by less than the rumoured 25% rise.