The number of bankers heading for the exit at Credit Suisse's investment bank is turning into a stampede. As a result the bank is increasingly waving its check book around to prevent the loss of key individuals.

Credit Suisse is fighting back against the wave of defections from its ranks by senior managers using counteroffers, U.K-based news website «Financial News» reports.

Over the last few weeks around 30 of them have left the Swiss bank for the competition.

«Financial News» said the bank had offered pay rises to some dealmakers looking to depart, often coupled with an increase in responsibility.

It quoted a senior banker as saying that the bank equalled a 30 percent pay rise from a rival in a bid to retain them. Another departure in the mid-ranks of its advisory business told the news service that they had been offered double their current compensation by their new employer and that Credit Suisse had matched it.

Easy Target

Against the backdrop of a booming job market for senior bankers, Credit Suisse is an easy target after the Greensill and Archegos debacles.

However, Chairman António Horta-Osório has said Credit Suisse won't decide on the specifics of its overhaul until year-end. A long time in investment banking.

In April, a month after the Greensill and Archegos crises CEO Thomas Gottstein said the bank would have to pay for «good performance» raising the prospect of flexibility on bonuses.

Already Gone

Many are not waiting around. «Bloomberg» (behind paywall) reported Homan Milani, had moved to Bank of America. He was previously responsible for the Internet sector at Credit Suisse in San Francisco.

«Bloomberg» earlier reported that Max Mesny had left financial institutions at Credit Suisse to become a partner at boutique investment bank Perella Weinberg Partners, mergers and acquisitions specialist David Luwisch had defected to Morgan Stanley and managing director William Young, who covered industrials, to Bank of America.

Managing director Laurence Van Lancker also left to become chief financial officer at Italian gaming company Lottomatica.