No, UBS is not phasing out meal allowances for junior bankers
If you're a junior banker at UBS and are fearful that you will be going hungry in the near future then it's ok. You will not.
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Various sources are reporting that UBS is phasing out meal subsidies for junior bankers working late in the office. However, we understand that this is absolutely not so. If you stay late enough in the US office, you will still get fed.
How much you will get fed is not clear. Last time we looked, UBS was offering $30 per meal.
As banks seek to cut costs, cutting free meals might seem a good idea. UBS wants to cut $1.1bn from employment costs this year.
However, free meals are a cause close to junior bankers' hearts and UBS would need to cut 37 million meals to achieve its target, so it has presumably decided not to bother. Maybe it will just cut junior banker jobs instead.
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