Reuters reports that times really are hard at Credit Suisse. Not only have 28,000 employees in Switzerland been told that there will be no pay rises next year, but many company perks are being scaled back or curtailed altogether.
Credit Suisse is expected to post a large third-quarter loss in November and Oswald Greubel, Group co-CEO, is said to have sent staff an e-mail dealing with the delicate issue of staff perks.
Flowers are out. Gruebel's e-mail to managers, a copy of which was obtained by Reuters, said: 'Fresh flowers for offices are only permissible if bought privately'. From now on only members of the executive board will be able to use the Group's execitive car service and, it has been reported, senior managers will have to pay some of their travel costs from their own pocket until the year end.
Staff shouldn't bank on a big blow out on the company at Christmas either. The maximum amount per head is to be restricted to $67.