Unicredit ha deciso di azzerare il bonus ai circa 3mila dipendenti

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Unicredit ha deciso di azzerare il bonus ai circa 3mila dipendenti della divisione Markets & Investment banking (Mib). Lo ha deciso nei giorni scorsi, secondo le indiscrezioni pubblicate dal Sole 24 Ore oggi in edicola, l'executive committee della divisione guidata da Edoardo Spezzotti. La drastica decisione deriva dal fatto che la divisione Mib chiuderà il 2008 in perdita.
UniCredit Staff Learn That Bonuses Are Axed

By Harry Wilson

Staff working in UniCredit SPA's (UCG.MI) investment banking division were Friday morning told they will receive no bonuses for last year as the business prepares to report a full-year loss.

Financial News has learnt that all employees of UniCredit's markets and investment banking business received a letter this morning informing them of the decision to pay no bonuses this year unless there is a legal requirement to do so.

In the letter obtained by Financial News, investment banking head Edoardo Spezzotti said the decision had "not been taken lightly", but said the division's performance "does not support bonus payments".

Spezzotti along with all members of the investment bank's executive committee, including capital markets heads TJ Lim and Mike Hammond, will not be paid bonuses.

UniCredit will report its full-year results on March 18, which will show the investment bank made a loss. At the end of the third quarter, the markets and investment banking division reported a loss of EUR784 million ($987 million) and a source close to the bank said the fourth quarter "was obviously not very good".

Spezzotti wrote: "We are aware that everyone has done his/her best in this difficult market environment. We are also aware that some units and some individuals have achieved positive results both in absolute terms and relative to the budget."

One investment banker based in London said: "It's a sign of the times. The structured credit portfolio dragged down the markets and investment banking unit dramatically last year but capital markets and investment banking had a record year. Expectations were managed as best as possible. The bank is putting a performance package in place so we are competitive."

Managers at UniCredit are currently working on a new compensation scheme for staff in the investment bank; however no details of the plan or timeframe for its implementation have yet been given to staff

Spezzotti wrote: "It is our task in 2009 to ensure UniCredit and Markets & Investment Banking Division businesses are well-positioned to be able to reward success in the future."

The decision to pay no bonuses follows that of Commerzbank AG (CBK.XE), which informed Dresdner Kleinwort staff last month that it was invoking a material adverse change clause to avoid paying anything but guaranteed bonuses, despite having previously indicated payments would be made.

(END) Dow Jones Newswires

03-06-09 0656ET