Another indication that UBS has now become a good payer

Historically, UBS has not been known for its generosity in paying its people.

However, while Barclays' chief executive clearly feels the need to keep talking down bonuses, Oswald Grubel has been doing some straight talking about the need to pay well.

"Not all bankers are overpaid and arrogant," he informed the Australian at the weekend, adding, "The good bankers are not overpaid. They are paid for what they produce"

Grubel also says that the, "really good bankers," are now earning more than 2007, "because everybody has realised they need really good people and everybody is batting for it."

One headhunter confirms that UBS is paying handsomely to recruit. "Last year they were trying hire without guarantees, but they've hired some big people recently who would have been hard to move without a good package in place," he says.

Among UBS's recent hires are said to be Dylan Roy, a former BarCap director, who's reportedly joining to head up vanilla options trading at the Swiss bank.

UBS's share price, which had been doing fairly well and would have been a draw for new hires, hasn't been so hot recently: it's fallen 20% since peaking in mid-April. If it wants to carry on attracting strong performers in areas like equity derivatives, it will therefore need to pay - cash.