He also said that the fund would hold back compensation for employees who became ensnared in government inquiries.
Since then, it has been trying to build back its investment banking business amid an increased regulatory burden and a push to hold down compensation costs.
She said the law would help public employers hold down compensation costs, especially soaring health and pension costs, as a way to minimize any layoffs and reductions in public services, whether police patrols or garbage collections.
Mr. Beere's move is among the most prominent of a recent wave of defections from UBS, which has been struggling to retain bankers since the financial crisis drove the bank to hold down compensation costs.
But labour market slack has also surely been a factor in holding down compensation.
Jack Straw, the former foreign secretary, has denied that British commercial relations with Col Muammar Gaddafi's Libya held back compensation demands for people killed or injured by IRA weapons supplied by Tripoli.
Mr. Sichrovsky blames Mr. Muzicant for building up the debts of the Jewish community to the point where they exceed $40 million and accuses him of holding up compensation for many victims of the Nazis -- including his recently deceased father -- through his attempt to get the government to repay these debts.
Normal theories about stock compensation and risk-taking may not hold true today, compensation experts say, in large part because of the government's continued financial support of the industry.
All of these techniques should be applied to the realm of financial supervision.Central banking may hold lessons for compensation, too.
In November, CalPERS, America's largest public pension fund, vowed to hold "directors and compensation committees more accountable for their actions".
