UBS has costs to cut. At the start of this year, it promised to extract around $1.1bn from its compensation line. At the end of June, it had actually increased group-level compensation spending from $14bn in the first half of 2025 to nearly $15bn in the first half of 2026.
Amends must presumably be made. UBS declined to comment for this article, but senior insiders told us cuts are likely later this month or in October.
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