What will become of UBS's bonuses for last year?

efinancialcareers.com:

UBS won’t be publishing its Q4 2024 results or announcing bonuses for a little while yet, but it seems that its investment bankers didn’t have the best year.

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Market intelligence provider Dealogic said that UBS' global investment banking (IB) revenue grew by 14% between 2023 and 2024. Unfortunately for UBS, the global IB fee pool grew by 29%. As a result, UBS’ market share fell from 2.6% to 2.3%.

The fall wasn't concentrated in a particular region.

In EMEA, Dealogic's figures said that UBS’ investment banking revenue declined from $644m in 2023 to $600m in 2024. A 7% drop isn’t necessarily the end of the world, but against what Dealogic said was a 35% increase in the region, it’s a bad look. Dealogic said UBS's EMEA market share fell from 3.8% to 2.6%.

In APAC, Dealogic said thatUBS’ IB revenue rose by 4%, from $317m in 2023 to $330m in 2024. The regional IB fee pool, however, grew by 33%. UBS' market share therefore went from 7.4% to 5.8%.

Other European banks fared better: Dealogic's figures suggest thatBarclays’ wallet share increased from 3.1% to 3.3% globally, for example. In EMEA, Barclays' market share went from 3.8% to 4.0%. And in the Americas, Barclays's share went from 3.3% to 3.7%. Deutsche Bank did similarly well globally.

Figures from other market intelligence firms paint an even starker figure for UBS. LSEG, formerly Refinitiv, said that UBS’ investment banking revenue fell by 5% between 2023 and 2024. LSEG estimated that the global fee pool grew by 14% over the same period. It estimated that UBS' market share fell from 2.1% to 1.8%.

It seems that UBS's Q4 went particularly poorly. In the first three quarters, things went well. UBS said its M&A revenues