Just saw this hit BI (https://www.businessinsider.com/credit-suisse-giving-bonuses-raises-cap…):

"Credit Suisse is paying analysts, associates, and VPs special $20,000 bonuses and raising salaries for all but the most senior bankers, as Wall Street tries to address WFH burnout for junior employees.

Credit Suisse has told some junior to mid-level staffers in its global capital markets and advisory group on Wednesday to expect to receive salary raises and bonuses in the coming months, as Wall Street bosses are taking a closer look at ways to support younger employees during a taxing period of remote work.

The Swiss bank plans to disperse $20,000 bonuses to analysts, associates, and vice presidents, with bonuses hitting accounts as soon as the second quarter of 2021.

A spokesperson for Credit Suisse confirmed the details of the salary raises and bonuses to Insider.

The firm will also increase salaries for people in the global capital markets and advisory group at the director level and below, which includes directors, vice presidents, associates, and analysts.

Salary raises will take effect for directors, vice presidents, and associates as early April.

The raises for analysts specifically, however, will take effect in July, in keeping with their usual timeline.

Under this announcement, managing directors, who sit above directors in the firm's hierarchy, will not be eligible for additional bonuses or salaries.

"Credit Suisse's Capital Markets & Advisory management recognizes and wants to reward the efforts of our people who have not only managed to support our clients through unprecedented deal volume, but also increased our share of the market," the representative for the firm told Insider in an emailed statement on Wednesday morning.

The news was announced to people via a video call on Wednesday morning, in which senior capital markets and advisory leadership, including capital markets and advisory CEO David Miller, made the announcement.

The firm will also implement a relaxed dress code when employees begin heading back to the office, but traditional dress code requirements will continue to apply for client meetings."

 

Facts, these cs analysts ought to give a cut to those 13 analysts and those jefferies analysts ought to give a wheel of their peloton too

To live is to suffer, to survive is to find some meaning in the suffering.
 

JP and Dimon espouse being “industry leaders” when it comes to work dynamics progressivism in finance. Would love to see them actually do something to back this up considering most of the analysts I’ve spoken to there have been grinding non-stop since covid, not to mention before when WLB wasn’t great to begin with.

Also having another giant player in the space follow suit w/ salary increases would definitely send shockwaves across the industry (Litquidity work your magic PLEASE)

 

I'd be shocked if they did do something. The "All-in-one" retail and consumer banks will probably have a hard time getting this approved given the sheer amount of analysts / associates they have.

Carving out capital markets / advisory at CS / Jeffries excludes far less MO / BO juniors than it would entail at JPM. I suppose they could tier it but imagine it would still lead to crappy optics for non IBD teams.

 

This has to be lip service. Protected saturdays are always ambiguous... always. I can’t imagine Saturdays being respected if you hear about a pitch Friday for something on Monday. It happens everywhere including PJT 

 

My group head (M&A at low BB) liked an article about this & its link to junior employee burnout on LinkedIn... I'm hyped. Let's keep the momentum going

 

That's part of it, for sure. It's 20k + increased base at all levels going forward (TBD on detail there)

What didn't make the headlines was a) focus on increasing headcount materially (my group are talking to lots of people at ANL, ASO and VP level), b) encouragement to take vacation where possible (yes, very hard when things are busy, but hopefully people can find a window esp when new people are onboarded), c) flexibility to return to office or WFH (whatever works for individuals), d) relaxed dress code (who cares). Maybe there was more mentioned

All of these combined hopefully lead to some positive coming out of it. The sooner people are onboarded, the quicker people can take a break and treat themselves. More people to spread the pain across.