UBS Bonus Day Reveals Positive Results
Yesterday marked UBS bonus day, and initial reports suggest that things were looking up for the Swiss bank, particularly in its markets business where revenues saw a significant 24% year-on-year increase. However, the standout performance was observed on a London trading desk that had experienced a wave of departures in 2025.
London Rates Desk Experiences High Turnover
Insiders have pointed to a notable turnover on UBS’s London rates desk, with at least nine individuals leaving in the past year. Despite the departures, bonuses allocated to the remaining staff on the desk are said to be favorable.
Among the departures, Kyriakos Manolis, the former head of EMEA rates trading who joined from Citadel in June, is rumored to have left UBS in December. While this information has not been officially confirmed, public records indicate that he is still technically employed by the bank.
Other notable exits include Dipo Abiola, Samuel Seyoum, Ali Sanai, Mark Samarasinghe, George Dramitinos, Jason Colloupas, and Yilin Liu, each making significant career moves in the financial industry.
Changes in Leadership and Hiring
Many of the departures on the rates desk were attributed to Mark Tinworth, who left UBS for RBC. His replacement, Shane O’Cuinn, has since made new hires, including Kilian Frensch from Nomura, to strengthen the team.
Meanwhile, bonuses in the M&A sector were reportedly satisfactory, although some junior employees expressed dissatisfaction. Overall, bonuses across the markets division are believed to have seen a double-digit increase.
UBS Emphasizes Performance-Based Compensation
UBS, like other financial institutions, follows a performance-based compensation model. The bank did not provide a comment on the recent developments.
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