UBS overhauls bonuses for 10,000 staff

Swiss bank UBS is revamping its pay policy and scrapping individual bonuses for 10,000 employees and will instead pay staff a fraction of their annual salary. Employees earning between SFr50,000(£38,000) and SFr100,000 will be affected by the bonus cuts. But a bump in their fixed salary will be equal to about half a month's salary, UBS spokesman told Bloomberg. Some employees will also receive higher fixed pay to ensure their overall remuneration does not fall as a result of the new policy,...