UBS executives said last month’s $2.3bn unauthorised trading loss would not force a dramatic reduction in bonuses, as the bank set aside almost
90 per cent of its investment banking revenues for staff pay.
The Swiss group defied analysts’ expectations that it would slash bonuses in the wake of the scandal by revealing that the investment bank accrued SFr1.35bn ($1.53bn) in personnel expenses in the third quarter.
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