Credit Suisse is said to have tightened the golden handcuffs for some of its most senior bankers.
Bloomberg News reports that the firm will force some Managing Directors in Asia to repay part of the cash portion of their 2018 bonuses if they leave within three years of receiving it, people with knowledge of the matter said. The cash bonuses will be fully paid out in coming weeks, according to the people, who asked not to be named discussing confidential information.
For its most highly paid investment bankers in the U.S., Credit Suisse will increase the deferred-compensation part of bonuses to bring payout schedules more in line with Europe, two of the people said. A spokesman for the Zurich-based bank declined to comment.
It wasn’t clear why Credit Suisse is imposing tougher rules in Asia. But in a region where competition for star private bankers serving the rising ranks of ultra-rich is fierce, the cash clawback will likely put a damper on defections.
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