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UBS, Morgan Stanley cutting Asia investment banker bonuses

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Being suspended from sponsoring equity sales in Hong Kong last year caused UBS to underperform. FMTNews UBS

HONG KONG: Global banks including Morgan Stanley and UBS Group AG are cutting investment banker bonuses in Asia after deals cooled, with senior employees taking the biggest hit, people familiar with the matter said.

Goldman Sachs Group Inc kept overall bonuses largely flat, though it raised spending on variable compensation for top-performing bankers, another person said. The bank had a record year for the business in 2018, boosting its bonus for the region by the double digits, the person said.Media representatives for all the banks declined to comment.

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