Credit Suisse retention bonuses lack performance clauses

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If you haven’t heard of your Credit Suisse retention bonus right now you almost certainly don’t.

Bank insiders say bonus recipients received letters outlining the bonuses late last week. Given the small number of people receiving the additional payments, they were told not to discuss the matter internally.

As we reported earlier, the bonuses – which are paid in July 2021 – duplicate the entire bonus paid by Credit Suisse earlier this year, but are fully in inventory with no cash portion. Recipients will therefore receive two bonuses over a six-month period.

Credit Suisse declined to comment on the additional payments. The beneficiaries have stated that they are deferred for three years, but do not have the performance conditions associated with certain grants of shares of the bank, which specify that the divisions must realize a profit and a positive return on equity for that the shares are fully paid.

Senior Credit Suisse bankers who did not get the bonuses said very few appeared to have been awarded, especially in London. “Almost all of them went to the United States,” said a London managing director.

Business intern calculates that nearly 50 seniors have left Credit Suisse in recent months. Some left on the orders of the bank. Many left of their own free will.

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photo by Sam Boucher at Unsplash

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