Credit Suisse

As you may have heard, bonus season this year is going to be a bit tricky, on account of the fact that Wall Street banks didn’t make much in the way of cash in 2011. While paying some seniors staff zero dollars is being considered, it still may not be enough to pick up the slack. There is one idea that’s been floated among firms but shot down, so far, for fear of being too risky, so risky that it’s probably not even safe to mention it here but I’m gonna– freezing pay for junior staff. (Oh god, shhh, don’t say it aloud, we don’t want to start a run on the banks!) Everyone wants to do it but no one’s got the cojones, fearing the backlash that would come from angering “future stars” whose names will be learned in 5-7 years when they graduate from second class citizen status. No, the consequences would be dire. Unless…unless everyone put up a united front against these incredibly powerful and intimidating people? Read more »

  • 14 Dec 2011 at 4:02 PM

Bonus Watch ’11: Credit Suisse

Speculation has been going around that some employees will be receiving a whole lot of nothing. Read more »

  • 02 Dec 2011 at 10:49 AM

Layoffs Watch ’11: Credit Suisse

Cuts have gone down at the House of Dougan. Read more »

  • 21 Nov 2011 at 12:58 PM

Layoffs Watch ’11: Credit Suisse

The Swiss bank sent a handful of employees to a farm upstate earlier today. Read more »

During bonus season last year, Credit Suisse announced that the money employees earned in 2010 would be paid out over 2011, 2012, 2013 and 2014 (all of which was subject to clawback rules). People were not thrilled! This year, in an effort to show they’ve been listening, management has announced some big changes to the compensation plan. 1) Only those making more than 250,000 Swiss francs (which CS points out are few and far between) will be subject to deferred compensation (previously it was any amount above 50,000) and 2) Of the deferred shares being awarded, you’ll only have to wait three years, and not four, for it to vest. Pretty sweet deal if you ask the other Swiss bank in town, where bonuses (a sheet of bubble wrap and 15 free minutes to cry publicly without judgement) paid out over any period of time would be a step up. The suggestion box is working! Read more »

  • 31 Oct 2011 at 2:05 PM
  • Banks

Layoffs Watch ’11: Credit Suisse

The (other) Swiss bank will be cutting people and assets, so don’t take it personally. Read more »

Yesterday afternoon, the Securities and Exchange Commission announced that it had frozen the assets of “purported” Boston-based quant named Andrey C. Hicks. Purported because, was he actually a quant? Not so much! Other small inaccuracies in his story with which the regulator took issue, describing the total as Hicks’ “brazen web of lies”: Read more »