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The UBS salary story rumbles on. To recap, back in March CNBC reported that UBS was raising salaries for its US MDs by >100% to £300k. In April, the Observer reported that most UBS investment bankers were, in fact, only getting increases of 10-15%. It now looks like both those earlier reports may have been wrong - on Friday it emerged that UBS has in fact increased salaries for MDs in its investment banking business by 50% globally.

According to Reuters the latest UBS salary revelations have been confirmed by a bank spokesperson, who reportedly said, “"There have been off-cycle salary increases at UBS Investment Bank to retain employees in critical positions."

Now that UBS has hiked salaries, it’s not clear whether it will also be trimming its bonuses. Dealbreaker highlights the fact that UBS is simultaneously slimming down its benefits package and (in Switzerland) has scrapped car leasing benefits, season tickets for trains, contributions toward gym memberships and free parking. Most rival firms are understood to putting salary increases on hold.

UBS is losing key staff to competitors. (Reuters)

CA Chevreux hiring up to 10 large cap equity traders. (Financial News)

Execution hires from Dresdner Kleinwort. (Financial News)

Nomura launches big US push. (Wall Street Journal)

More on Nomura’s ‘massive US push.’ (Reuters)

Outbreak of banker hiring may fizzle. (Breaking Views)

Citigroup loses very senior private banker in the Middle East. (Wealth Bulletin)

Deutsche Bank makes redundancies in Saudi Arabia. (Wealth Bulletin)

JPMorgan is the new Goldman Sachs. (Financial News)

Jamie Dimon getting lots of business from US government. (Clusterstock)

Goldman and JPMorgan want to repay TARP next week. (DailyBeast)

Promotions at Bank of America. (DailyBeast)

Something nasty in the stairwell at Merrill Lynch. (Clusterstock)

Executives drop out after FSA scrutiny. (Financial Times)

The happiest places on earth are heavily taxed. (MarketWatch)

Clara Furse works/worked from 7am to 9pm. (The Times)