Giant company cuts employee bonuses, gives $ 2 million more salary to CEO

Employees Bonus Cut: Along with the removal of employees from Global to India, the bonus and salary of the employees are being cut. Big companies have joined this list. Compared to last year, the process of firing employees has increased this year.

Now another name has been added to this list. This company has cut the bonus of the employees by 10 percent. Citing behind the reduction in bonus, the company said that the company’s revenue has declined. On the other hand, there has been an increase in the salary of the CEO of the company.

The CEO of the company got this much salary

UBS Group CEO Ralf Hammers has taken home 12.2 million Swiss francs, or $13 million, for his second year on the job, according to a Bloomberg report. Whereas a year ago this amount was 11 million francs. In the annual report released by the company, the total bonus for the employees has been kept at $ 3.3 billion, while earlier it was around $ 3.7 billion.

The company had warned about the cut

Hamers had earlier warned that the bonus could be cut if dealmaking did not return. He had said in January that comparisons are made on the basis of performance at UBS. Along with this, some other companies have also fired employees as well as retrenched them.

The company suffered loss due to the end of the deal

UBS Group had said that it was going to lay off its employees, citing the need to expand its business. However, after the end of a deal, the company had to suffer a lot. Please inform that the new chairman of the company, Kolehar, has taken 4.5 million francs.

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