FAST FIVE: UBS Laying Off Employees Days After Doubling Bonuses To Newly Promoted Associates
The bank has reportedly re-started its “Reduction in Force” job cut plan this week, according to Bloomberg. Inside Paradeplatz, citing unidentified people familiar with the matter, said that the bank has “started giving notice to employees” of the layoffs.
Recall, we wrote this week that the bank was going to pay a one time $40,000 bonus to its global banking analysts when they are promoted – double what some of the bank's competitors are offering. The bank is planning on paying the bonus to analysts who are promoted to associates, on top of regular salary increases.
We have also noted at length the ongoing labor shortage that has developed as a result of the government paying the unemployed more to stay home than they would make in the labor force.
Trillions in Biden stimulus has incentivized workers to not seek gainful employment, but rather to sit back and collect the next stimmy check for doing absolutely nothing in what is becoming the world's greatest “under the radar” experiment in Universal Basic Income.
The company employs about 73,000 staff across 50 countries. Tyler Durden Wed, 05/12/2021 – 05:45.