Credit Suisse is overhauling its bonus structure for investment bankers and asking them to agree to a new claw-back provision on cash for people that jump ship
This story requires our BI Prime membership. To read the full article,Credit Suisse is overhauling its bonus structure for its struggling investment banking and capital markets division, and instituting stiff clawback penalties.
The bank, which is set to announce bonuses February 11, is requiring employees to sign an agreement accepting the new terms. The firm on Wednesday finalized a new compensation plan for its dealmaking group, including a provision requiring the cash portion of a bonus to paid in the form of an "upfront cash award" with stiff clawback provisions, according to people familiar with the plans.
Like most Wall Street firms, Credit Suisse pays its top earners partially in cash and partially in deferred stock that vests over several years — with the highest earners drawing more of their bonus in equity.
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