UBS Plans to Up Pay for Junior Bankers and Directors
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UBS Group is reportedly planning to raise the salaries of global banking analysts, associates, and directors, marking the latest global bank to increase pay for talent.
In their first year, analysts will earn about $100,000 annually, according to a «Reuters» report citing unnamed sources, followed by $105,000 in the second year and $110,000 in the third year.
Associates will earn $175,000 to $225,000 and directors will make around $275,000.
The salaries increases will come into effect from August 1, the report added.
UBS is the latest global bank to increase salaries in order to attract and retain talent, particularly for non-senior positions.
This follows similar moves by Wall Street banks to incentivize younger financial workers, particularly after first-year analysts at Goldman Sachs complained about a gruesome work-life of long hours and cutthroat deadlines in an internal survey leaked earlier this year.
Questions & Answers
Q.Which positions at UBS are expected to receive salary increases?
Which positions at UBS are expected to receive salary increases?
UBS is reportedly planning to raise the salaries of global banking analysts, associates, and directors. These increases are primarily aimed at non-senior positions to help attract and retain talent in a competitive market.
Q.When will the new salary increases for UBS staff take effect?
When will the new salary increases for UBS staff take effect?
The reported salary increases for UBS staff will come into effect from August 1. This change aims to bring UBS in line with other global banks that have recently adjusted pay for similar roles.
Q.What is the reason behind UBS's decision to increase salaries for these roles?
What is the reason behind UBS's decision to increase salaries for these roles?
UBS is increasing salaries to attract and retain talent, particularly for non-senior positions. This follows similar moves by other Wall Street banks, especially after complaints about long hours from junior staff at firms like Goldman Sachs.
Q.What will first-year analysts at UBS earn under the new pay structure?
What will first-year analysts at UBS earn under the new pay structure?
According to the report, first-year analysts at UBS will earn about $100,000 annually. Their salaries are expected to increase to $105,000 in the second year and $110,000 in the third year.
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