Jon Bass, head of the U.S. fixed income group at UBS, has resigned. A source familiar with the firm confirmed reports of the credit chief’s resignation.

Bass left a week after several other fixed income leaders departed the Swiss bank, including Chris Ryan, the head of credit and Bass’ supervisor. UBS declined to comment on the reports.

UBS said yesterday that it would slash bonuses for its executives by 80% and would pay bonuses with deferred shares instead of cash.

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