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Bonus Watch ’13: Not Everyone Is Satisfied With The Number Credit Suisse Wrote Down And Slid Across The Table

And here’s what he’s doing about it!

Steve Oplinger, co-head of U.S. high- yield sales for Credit Suisse Group, left Switzerland’s second-biggest bank amid a disagreement over his group’s compensation, two people briefed on the matter said. Oplinger departed today following a dispute with top management over his team’s alloted bonus pool, according to the people, who asked not to be identified because the departure wasn’t made public. Jason Safriet, his co-head, will run the group, according to another person. Oplinger declined to comment when reached by phone. Drew Benson, a spokesman for the Zurich- based bank, declined to comment on Oplinger’s departure…Credit Suisse hasn’t publicly announced the size or composition of its 2012 bonus pool. The lender cut its 2011 pool by 41 percent and awarded a portion of pay for more than 6,000 senior bankers in bonds backed by derivatives that will pay out over several years.

Credit Suisse High-Yield Co-Head Oplinger Said to Leave [Bloomberg]

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24 Responses to “Bonus Watch ’13: Not Everyone Is Satisfied With The Number Credit Suisse Wrote Down And Slid Across The Table”

  1. happy bro says:

    I find happiness in other peoples misery… Is that wrong?

  2. Guest says:

    Financial Samurai appearance in 5…4…3…

    • Financial Samurai says:

      Make sure after you've negotiated your severance, on your way out to grab your packing and tell everyone to "suck it" as you leave. Preferably you do this as you exit any hall/room/area in the building until you fully exit the building.

  3. 2 cents says:

    Did someone say doughnut? My guess is that this guy got the read thru for his own bonus based off of his group's total bonus pool. He didn't want to be the last one out the door. Not a bad way to preserve market value…like securities, you're only worth as much as your last trade, or in this case, your last bonus.

    • guest says:

      Actually your last bonus less 39.8% federal tax, ~6.5% state ~6.5% FICA

      -The Taxman

      • guest says:

        if you're paying 6.5% FICA on your bonus, you should be looking for a better job

        -everyone with a base salary above $110k

        • guest says:

          base salary? oh, that's for those of you who haven't crushed it enough to start your own fund – oops, my bad, peons

  4. guest says:

    "We're paying your bonus based on the balance of 2011 bonuses, which were based on derivatives, contingent on how many employees leave before we actually have to pay them. We swear its worth something more than zero."

  5. Wishful Thinker says:

    I'm sure this is an aberration. All the other IBs going to pay really well this year. I mean, why wouldn't they?

  6. MattTaughtMe2Comment says:

    Should be noted his group's bonus pool doesn't include his own bonus*. So he basically quit because his people were going to get shit.

    *But was probably indicative of what he was going to get.

  7. 2 cubes over says:

    Don't they know that smoking kills?

  8. sohbet says:

    telling these little stories, here's a good idea: Have a point. It makes it so much more interesting for the listener.

  9. sohbet says:

    probably do want to have some people around who can make investing decisions rather than just a bunch of ADD-addled

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