Credit Suisse

Swiss bank annual earnings are here so we might as well check in on what they’re up to with comp. You and I may think of comp in pretty straightforward ways – if you did good, and your employer did good, you get paid well, and if not not – but Credit Suisse and UBS take a delightfully arcane wheels-within-wheels approach, constantly changing how they pay employees to send signals, fine-tune incentives, and optimize regulatory capital. I suppose if I worked there I’d be so pleased by the complexity of the edifice that I’d be okay with otherwise disappointing pay. Current employees may disagree.

Anyway we talked about UBS the other day; per the FT they are handing out bonuses in the form of high-trigger CoCo bonds that get written down to zero if UBS’s regulatory capital falls below 7 percent. The bonds “will pay a market-based interest rate” though that’s not saying much; any interest rate is “market-based” in the sense that it can be decomposed into, like, Treasuries plus a number. Presumably the number here is high.

Credit Suisse’s entry is out today and it is a bit of a retreat from previous years’ glories; here’s how CS describes it in its financial report: Read more »

  • 23 Jan 2013 at 4:24 PM

Bonus Watch ’13: Credit Suisse

A few details from the House of Dougan’s bonus communication day. Read more »

Like Deutsche Bank, management at BARC and CS think shrinking bonuses up to 20 percent sounds like a great idea. Read more »

  • 18 Dec 2012 at 1:44 PM

Promotion Watch ’12: Credit Suisse

Recent events might have had you thinking otherwise, but Credit Suisse does more than just layoff its employees– sometimes it promotes them, too! Earlier this morning, in fact, the Swiss bumped a whole bunch of guys and girls up to managing director. And even though it’s not grundle-to-face level exciting, it’s still something. Read more »

Light your candles, hang some mistletoe, ring in 2013, and then come back January 2 prepared to clear out your desk. Read more »

The good news: due to logistical issues, no one will be fired before tonight’s holiday party! The less good news: you’ll likely still be fired eventually. Read more »

  • 05 Dec 2012 at 5:07 PM

Layoffs Watch ’12: Credit Suisse (Again)

More cuts at the House of Dougan, on top of the ones in Russia, were said to have gone down today. Read more »