UBS Weighs Bonus for Investment Bankers Who Refer Rich Clients [BNN Bloomberg (Canada)]
Morgan Stanley (MS)
Last morgan stanley earnings: 4/16 07:15 am
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Source: BNN Bloomberg
Some bankers would likely be in line for payouts in Asia and Europe when they successfully attract new money to the lender's private banking unit, said the people, asking not to be identified discussing confidential plans. The referral fees would be a first for the Zurich-based lender, echoing earlier incentives that Credit Suisse had offered to its dealmakers, the people said. The exact form of the rewards is still being discussed by top executives, said one of the people. No decision has yet been made and the referral fees may not materialize after all, they added. A spokesperson for Zurich-based UBS declined to comment. The considerations underscore how Chief Executive Officer Sergio Ermotti is searching for ways to expand the bank's invested assets and narrow the gap with US-based Morgan Stanley. UBS has targeted growing private banking assets to more than $5 trillion after buying Credit Suisse last year following a run on deposits that brought its competitor close to collaps
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