The news agency's sources say the latest UBS bonus protection plan involves nearly a dozen Managing Director-level leaders who hold the key to relationships with customers in Asia-Pacific's sixth-largest economy. Clients include billionaire James Packer, Seven Network magnate Kerry Stokes, Commonwealth Bank of Australia, Telstra and fund manager AMP.
Bankers whose bonuses are ring-fenced include Guy Fowler, head of investment banking; David Di Pilla, co-head of the industrials group; Anthony Sweetman, head of corporate advisory; capital markets co-heads Barry Sharkey and Dane Fitzgibbon; and Simon Cox, head of equity capital markets, said the sources, who didn't want to be identified as the bonus deal is not public.
The deal excludes Australia-based Matthew Grounds, who was a key negotiator for the bonus arrangement but who now has a global role as co-head of investment banking.
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