(Bloomberg) -- UBS AG Chief Executive Officer Peter
Wuffli spared no expense when he agreed two years ago to let
John Costas, the top-ranking American at Switzerland's largest
bank, start an internal hedge fund.
Wuffli gave Costas $3.5 billion, 80 top traders and 40
support staff for the Dillon Read Capital Management LLC
venture. Costas hired another 130 people and leased space in
London, Singapore, Tokyo, Connecticut and Manhattan, where his
corner office on the 22nd floor has a view of St. Patrick's
Cathedral. By the time he was done, Dillon Read's 250 employees
received bonuses averaging $1 million a year, or almost three
times the comparable payout at Goldman Sachs Group Inc.
Read more at Bloomberg Exclusive News
Wuffli spared no expense when he agreed two years ago to let
John Costas, the top-ranking American at Switzerland's largest
bank, start an internal hedge fund.
Wuffli gave Costas $3.5 billion, 80 top traders and 40
support staff for the Dillon Read Capital Management LLC
venture. Costas hired another 130 people and leased space in
London, Singapore, Tokyo, Connecticut and Manhattan, where his
corner office on the 22nd floor has a view of St. Patrick's
Cathedral. By the time he was done, Dillon Read's 250 employees
received bonuses averaging $1 million a year, or almost three
times the comparable payout at Goldman Sachs Group Inc.
Read more at Bloomberg Exclusive News
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