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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Comments (24)

  1. Posted by happy bro | January 8, 2013 at 1:45 PM

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

  2. Posted by Guestinator | January 8, 2013 at 1:53 PM

    Nope. It's the American way.

    Happy people just get on my nerves.

  3. Posted by guest | January 8, 2013 at 1:57 PM

    There's a German word for that. Certainly understood in Zurich as well.

  4. Posted by Schultz | January 8, 2013 at 2:15 PM

    Sheisse kartoffel?

  5. Posted by Guest | January 8, 2013 at 2:35 PM

    Financial Samurai appearance in 5…4…3…

  6. Posted by Financial Samurai | January 8, 2013 at 2:57 PM

    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.

  7. Posted by 2 cents | January 8, 2013 at 2:57 PM

    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.

  8. Posted by Michael Lewis | January 8, 2013 at 3:16 PM

    See, I told you! Obsessed!

  9. Posted by guest | January 8, 2013 at 3:35 PM

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

    -The Taxman

  10. Posted by guest | January 8, 2013 at 3:42 PM

    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

  11. Posted by guest | January 8, 2013 at 3:44 PM

    "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."

  12. Posted by UBS Auto Quant | January 8, 2013 at 3:54 PM

    Fahrvergnügen?

  13. Posted by Wishful Thinker | January 8, 2013 at 5:44 PM

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

  14. Posted by MattTaughtMe2Comment | January 8, 2013 at 7:34 PM

    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.

  15. Posted by nachocheese | January 9, 2013 at 7:26 AM

    guzuntite

  16. Posted by Duh | January 9, 2013 at 9:55 AM

    Of course, because so many other IBs are going to pay so much this year and this wasn't OBVIOUSLY coming down the pike?

  17. Posted by 2 cubes over | January 9, 2013 at 2:31 PM

    Don't they know that smoking kills?

  18. Posted by Guest | January 9, 2013 at 10:20 PM

    Unsung hero-comment of the week.

  19. Posted by The German | January 9, 2013 at 10:49 PM

    Ok, wir hören… !!

  20. Posted by you_don't _know_jack | January 12, 2013 at 11:13 PM

    if you think he needed a bonus…you don't know him

  21. Posted by guest | January 15, 2013 at 11:09 AM

    i know him, and will tell you no one on WS works for free

  22. Posted by guest | January 15, 2013 at 11:10 AM

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

  23. Posted by sohbet | May 12, 2013 at 6:35 PM

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

  24. Posted by sohbet | July 8, 2013 at 9:42 PM

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