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UBS to lift investment bank bonus pool by 20% - Bloomberg News

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Feb 5 (Reuters) - Swiss bank UBS is looking toraise the bonus pool for its investment bankers by as much as20% after a surge in trading revenue helped it post the highestprofit in five years, Bloomberg News https://bloom.bg/3rrTGCsreported on Friday, citing people with knowledge of the matter.

Key wealth management unit employees of UBS, the world'slargest wealth manager, will see variable compensation flat orslightly up from the prior year, with significant variationsdepending on the region, Bloomberg said in the report,attributing those people.

Wealth managers in the Asia Pacific regions are expected toreceive some of the higher rewards, with bonuses increasing by10%, Bloomberg said. Some private bank employees in Europe willsee their bonuses lessened between 10% and 15%.

UBS did not immediately respond to a Reuters' request forcomment.

Banks across the world have wrestled with the uneven impactof the COVID-19 pandemic, as soaring stock markets boostedtrading while national lockdowns had crippling economicconsequences, leaving lenders braced for coming defaults.

UBS' business model paid off in 2020, as its low-risklending book - comprised primarily of mortgages and loans to thewealthy, as well as some corporate and retail credits inprosperous Switzerland - meant fewer losses than many highstreet rivals.

Chief Executive Officer Ralph Hamers recently said a strongconnection to clients helped the bank to bring in more than $100billion in net new money across its wealth management and assetmanagement business during the troubled past year.(Reporting by Vishal Vivek in Bengaluru; Editing by AnilD'Silva)