Sergio Ermotti, chief executive officer of UBS Group AG, listens during a Bloomberg Television interview in Shanghai, China, on Monday, Jan. 8, 2018. UBSis in discussions to acquire a majority stake in its Chinese securities joint venture, Ermottisaid, as global banks rush to take advantage of Beijings pledge to further open its financial markets. Photographer: Qilai Shen/Bloomberg
HONG KONG: UBS Group AG reduced the 2018 bonus pool for its investment bankers in Asia by about 8% after a slump in equity offerings last quarter hurt fees, according to people familiar with the matter.
Managing directors were the hardest hit, the people said, asking not to be identified because the information is confidential. More executive directors will get no bonus for 2018 compared with the year before, one of the people said. A representative for UBS in Hong Kong declined to comment.
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