UBS has decided how much more its domestic bankers will earn next year after negotiations with the employee representatives. The result won't make them jump for joy.

UBS, Switzerland's biggest bank, will increase the salaries of its employees in Switzerland up to and including the middle management by an aggregate 0.8 percent, the company said in a statement today.

This is the result of negotiations between UBS and employee delegations, the bank added. The agreement covers all bankers in Switzerland who are covered by the employment conditions pact (ACEBS). The salary negotiations are conducted at the end of every business year.

Rising – Slowly

The association of banking employees demanded an increase of 1.5 percent for 2017 and will not be happy about the decision by UBS, which acts as trendsetter for the industry.

Despite the difficult market conditions, salaries tend to rise in the finance industry; still, banks are lagging insurers, according to recent reports.