• 23 Jan 2014 at 1:07 PM

Bonus Watch ’14: Credit Suisse

A quick update re: yesterday’s bonus communication day, the update being that Brady Dougan apparently has some ticked off junior mistmakers on his hands.

“Equity research bonuses dismal despite record turnover in 2013 among junior and senior covering analysts. Management continues to de-emphasize equity research. Resumes are being updated. Morale reaches new low ahead of move into smaller offices.

Analyst $0-15k
Associate $0-25k

Some got a kicker from their bosses but in many cases bosses were underpaid as well in has been ironically dubbed an “investment” year by the firm after record turnover in 2013. People who got zero also received a ‘sorry’.”

54 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (54)

  1. Posted by Hobbes | January 23, 2014 at 1:11 PM

    Nothing better than a kick to the nuts after getting punched in the face.

  2. Posted by ddd | January 23, 2014 at 1:14 PM

    I thought it went Associate -> Analyst?

  3. Posted by guest | January 23, 2014 at 1:16 PM

    Hell yes!
    -j gundlach

  4. Posted by Vanpool Organizer | January 23, 2014 at 1:27 PM

    Whatever the case, that's fucking terrible.

    Might as well work F500 at ride the van pool home at 4:00

  5. Posted by Snoop | January 23, 2014 at 1:30 PM

    up in yo bitch is where ya might find me

  6. Posted by CNN Breaking News | January 23, 2014 at 1:31 PM

    it does

  7. Posted by Rebecca M. | January 23, 2014 at 1:32 PM

    At least they cannot claw back a bonus that was never given.

  8. Posted by FormerReader | January 23, 2014 at 1:34 PM

    I wish I had to click through a few more jumps to get to the last three sentences of every single Dealbreaker post.

    – Guy that wonders if advertisers are really that stupid even though this site still displays advertisements regarding decorating Christmas trees on January 23rd.

  9. Posted by SS55 | January 23, 2014 at 1:45 PM

    What about S&T numbers? Not sure why Dealbreaker is concerned with backoffice research…

    – H. Blodgett

  10. Posted by Guest | January 23, 2014 at 1:55 PM

    I'm hard pressed to figure out why equity analysts even exist anymore, especially as they aren't tied to IBD. When the vast majority of "pro" stock pickers can't beat a passive index (and the few who do are different each year) what does that tell you about the value being added? In what other industry could people be paid so much for performing worse than doing nothing?

  11. Posted by quant me maybe... | January 23, 2014 at 2:21 PM

    1) Government Service – National Security apparatus -> FBI,NSA,NRO,CIA etc..
    2) Government Service – Legislative branch
    3) Government Service – DEA – whole war on drugs thing worked out well.
    4) Government Service – Executive Branch
    5) Government Service – SEC, CFTC etc…

    > So, there's that.

  12. Posted by Guest | January 23, 2014 at 2:34 PM

    You invest in a hedge fund so that when it's 2008 you make 10% instead of losing 40%; The Red Sox have to win a few times every hundred years; and finally, I can't wait to live in a world where the S&P 500 makes 25% perpetual returns. Talk to Paulson/Cohen about annualized 20 year returns in their hedge funds relative to the S&P 500.

  13. Posted by Genius | January 23, 2014 at 2:34 PM

    "In what other industry could people be paid so much for performing worse than doing nothing?"

    See IBD

  14. Posted by Second tier for sure | January 23, 2014 at 2:42 PM

    CS new slogan: incentivizing mediocrity since 2008

  15. Posted by St. Copious | January 23, 2014 at 2:44 PM

    Try getting hired on an equity underwriting if you don't have an analyst in house writing on the stock. The loud laughter directed at you by the issuing company will help you understand.

    They aren't paid well because most investors don't care about the recommendations and buy/sell ratings.

  16. Posted by The desk | January 23, 2014 at 2:52 PM

    Equity research is the new technical analysis. Tough to sell this shit with a straight face.

  17. Posted by Mozilla with Adblock | January 23, 2014 at 3:00 PM

    What are you talking about?

  18. Posted by SMU Secure | January 23, 2014 at 3:01 PM

    Credit Suisse = the Rat King

  19. Posted by U mad | January 23, 2014 at 3:02 PM

    Self-absorbed and deluded b-school grads that weren't smart enough for med school or top tier consulting firms complain about pay… How's it feel to realize you're dumb and easily replaceable?

  20. Posted by guest | January 23, 2014 at 3:04 PM

    It is cheaper to replace them with "Mad Money" rerun DVD's.

  21. Posted by guest | January 23, 2014 at 3:15 PM

    um. what?

  22. Posted by guest | January 23, 2014 at 3:15 PM

    you're an idiot.

  23. Posted by guest | January 23, 2014 at 3:16 PM

    You had to click through exactly once to read this post, which is typically what every for-profit website makes you do. Welcome to the fucking internet.

  24. Posted by guest | January 23, 2014 at 3:16 PM

    why don't you ask for your money back? ingrate.

  25. Posted by biglawinsecure | January 23, 2014 at 3:17 PM

    top tier consulting firm in the same sentence as med school, classic.

  26. Posted by guest | January 23, 2014 at 3:18 PM

    I love sanctimonious pricks who take the time to write "former reader." Don't let the door hit you on the way out.

  27. Posted by I like it | January 23, 2014 at 3:48 PM

    Hank Moody?

  28. Posted by Motives Examined | January 23, 2014 at 4:16 PM

    "med school" + "top tier consulting firm" references = asian?

  29. Posted by guest | January 23, 2014 at 4:26 PM

    Useless in bull markets and worthless in bear markets.

  30. Posted by DamnIWantACivic | January 23, 2014 at 4:29 PM

    at this rate UBS is starting to look like an attractive place…

  31. Posted by Guest | January 23, 2014 at 4:33 PM

    Probably whatever you do.

  32. Posted by guest | January 23, 2014 at 4:42 PM

    med school > gig at McKinsey or Bain >>>>>>>> t14 law school > being a disposable finance douche

  33. Posted by guest | January 23, 2014 at 4:46 PM

    Lol, Who's got the power now?

    -DB IT Hampster

  34. Posted by guest | January 23, 2014 at 4:51 PM

    Better to work with a-holes than examine them.

    -Finance guy

  35. Posted by biglawinsecure | January 23, 2014 at 4:51 PM

    dude. classic angry asian dude in finance.

  36. Posted by douche | January 23, 2014 at 4:55 PM

    Lots of 0s in S&T too…

  37. Posted by Bored Guest | January 23, 2014 at 4:58 PM

    your an asshole

  38. Posted by biglawinsecure | January 23, 2014 at 4:59 PM

    nothing is worse than being a lawyer

  39. Posted by bleghboy | January 23, 2014 at 5:22 PM

    seriously why didn't anyone tell me this 15 years ago.

  40. Posted by Guest | January 23, 2014 at 5:30 PM

    How many years experience for an Associate in this case? Like 3-5 years out of undergrad?

    -Concerned 4th year at a competitor

  41. Posted by quant me maybe... | January 23, 2014 at 7:15 PM

    I see you've never worked as an engineer in a startup.

    > Guy who used to regularly work 72 hours at a time straight, only to spend the next week fixing the carnage he had wrought.

  42. Posted by Guest | January 23, 2014 at 10:32 PM

    Except that in 2008 most funds lost big time. Maybe not as big as the index, but still big. In short they did not deliver as promised.

  43. Posted by What about oldies | January 23, 2014 at 11:36 PM

    Any word on VP eq research numbers?

  44. Posted by knoool | January 24, 2014 at 8:10 AM

    why anyone works at cs is a mystery…

  45. Posted by Whitehat | January 24, 2014 at 9:11 AM

    Level of senior analyst quality not just at CS but largely across BB's has fallen significantly. In a group where management is clearly not investing the current structure of "reactionary research" can't possibly be expected to work longer term. The group is pretty lean apart for the management team. Why senior management haven't done anything there makes no sense.

  46. Posted by Rebecca M. | January 24, 2014 at 11:33 AM

    Exit ops, duh!

    -Former CS FICC/Current UBS FICC

  47. Posted by Meme | January 24, 2014 at 12:38 PM

    CS Sucks

  48. Posted by Ideasengine | January 24, 2014 at 10:39 PM

    Management are laughing stocks and complete failures. They can't motivate or retain junior or senior people. Such hubris only ends badly–no wonder all the MDs walked out on their farce of a research –every decent firm has feasted on CS talent. But management continues to act as if there are no consequences. Even interns are turning down offers after spending 10 weeks in the circus called CS.

  49. Posted by Swiss diss | January 25, 2014 at 2:56 AM

    CS is trying to milk its 'reputation' in research without paying people. Cut cost and headcount through attrition b/c they don't have a better idea

  50. Posted by Research Associate | January 25, 2014 at 1:59 PM

    Not sure where these #'s came from. I am an Associate at a mid-market firm in equity research and my pre-tax year-end bonus this year is $50K, on a $95K salary.

  51. Posted by Duh | January 25, 2014 at 2:14 PM

    Well looks like you shouldn't move to CS Einstein

  52. Posted by guest | January 28, 2014 at 11:55 AM

    Going to a BBM and working in Norman Oklahoma on some shitty rollout plan for an accounts payable system sounds so great. Why would anyone want to miss out on that opportunity. Consulting is just for people who can't hack it in IBD

  53. Posted by BB- | January 28, 2014 at 12:13 PM

    Not in Research. Associates work for Analysts on the research side. At your average BB, each equity analyst will have between 2 and 5 associates working for them. It's the opposite in Banking where analysts work for associates who work for VP's. Another example of why the business is so healthy.

  54. Posted by nymo | January 29, 2014 at 9:26 AM

    Demand Media and Cisneros Interactive Announce Advertising Partnership great news for company $$