Credit Suisse investment bankers in Asia bucked a wider industry trend: pay here reportedly rose by as much as 15 percent in some areas.
Just one day after the Swiss bank reported its a massive net loss for the year, some bankers in Asia are celebrating: Credit Suisse lifted pay for investment bankers in Asia-Pacific by as much as 15 percent, «Bloomberg» reported.
The region have performed well for Credit Suisse over the year, though Asia head Helman Sitohang conceded to finews.asia that activity slowed at year-end.
Underwriting and advisory revenue surged by 38 percent on the year, while fixed income sales and trading rose 4 percent.
Counter to Trend
This led to $1 million to $1.5 million in average compensation, including bonuses, for the brightest managing directors in Asia, the news service cited sources saying.
Credit Suisse's overall revenue in Asia investment banking dropped 16 percent on the year to 2.22 billion Swiss francs.
Analysts and associates in advisory and underwriting received an average 20 percent bump higher in pay.
The generosity runs counter to the wider industry trend: overnight, Goldman Sachs effectively froze out 100 investment bankers from its bonus round, and most investment banks have made outspoken about lowering costs – including bonuses.
