FT - C Suisse triples special bonuses

Pot Of Gold

To retain and attract staff.

The Financial Times reports that Credit Suisse has sharply increased bonus payouts to retain and lure staff while it goes through a brutal round of restructuring.

Switzerland’s second-biggest bank boosted special bonus payments to $228m last year, a threefold increase on the $71.8m spent in the previous year.

The bonuses to hire or hang on to 925 bankers was also a fourfold increase on the 216 who received the awards a year earlier, according to the bank’s annual report.

The 2015 payouts, which average $246,297 per head, are to compensate for deferred bonuses given up when a banker leaves their previous employer, known as replacement awards or buyouts, payments to welcome staff and bonuses to encourage people to stay.

The bank is in the middle of laying off 6,000 staff.

Hit the link below to access the complete Financial Times article:

Credit Suisse triples special bonuses

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