It’s been a long time since Credit Suisse investment bankers have enjoyed getting their bonus checks. At long last, however, things were starting to turn around. Plus, with all of the layoffs, there are fewer people to share in the growing pot. Indeed, people are positively giddy about the future in Zürich.
Those people do not include Credit Suisse’s investment bankers. Their bonuses will once again be as much a disgrace as investment banking at Credit Suisse, where even the Keystone Kops are more highly regarded and where a promotion to head of the unit is considered the worst of all punishments.
Credit Suisse Group AG expects to cut bonuses at its investment banking & capital markets division and reallocate capital to higher growth areas after a slowdown in deal-making, according to people with knowledge of the matter.
The reductions are likely to happen even if fourth-quarter revenues rebound, the people said, asking not to be identified as the matter is private….
Chief Executive Officer Tidjane Thiam recently called the division’s third-quarter performance “unsatisfactory.”