On December 13th, it was reported that UBS Group has intensified its efforts to recover hundreds of millions of dollars in cash bonuses paid to retain merger and acquisition traders before the collapse of Credit Suisse.
It is reported that UBS has contacted hundreds of bankers and proposed some multi-year payment plans to recover a large portion of the restricted cash bonus of 1.2 billion Swiss francs (approximately 1.38 billion US dollars), which are internally referred to as early cash rewards. According to insiders, UBS is seeking to recover less than 651 million Swiss francs. (Bloomberg)