Crisis-hit Credit Suisse has its hands full retaining top talent amid a wide-ranging restructuring under Tidjane Thiam. The Swiss bank is apparently reaching deep into its pockets to prevent an exodus.
Credit Suisse posted a loss of nearly 3 billion Swiss francs last year. Nevertheless, 925 Credit Suisse bankers will enjoy a sharply higher bonus this year: the bank has massively ramped up special payouts to select bankers to 222 million francs, from 71 million last year, the «FT» reported.
UBS Also Higher
Four times as many Credit Suisse bankers are set for a special payout, meant to either induce an employee to join the bank or as an incentive to spurn an outside offer and stay. Only 216 bankers received the Credit Suisse inducements last year.
The «FT» reported the numbers out of Credit Suisse's annual report, which was published in April. Credit Suisse didn't comment.
Credit Suisse isn't alone in paying retention bonuses: UBS is planning to pay its top-performing U.S. brokers more, in a bid to end the quick-fire hiring and poaching that is commonplace among the U.S.' biggest brokerages.
