Credit Suisse Giving 20k Bonuses?
Just saw on Litquidity that CS is giving VPs and below a one-time bonus of 20k and there are also reports that there will be a salary bump for analysts starting in July.
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If this is in fact true, it is much, much, much great than the Peloton bikes that Jefferies offered (which in itself was at least something over the other banks).
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."
I hope every other firm follows suit in increasing the base salaries for their analysts.
This is awesome. WTF
bro 20k to the face and a salary bump lfggg shouts to my CS shooters, im just hoping my MM gives me another eco-friendly reusable grocery bag.
.
awesome, at ubs our base pay bump is held back until august (despite getting promoted in March), and then paid back end of year as a "make whole" payment.
not bitter at all
What was the base bump at UBS?
Does anybody know if this bonus will be given to all front office roles? Or just IB
How much is the analyst base increase
no details there yet
anecdotally have heard 5-10k.. makes sense since BB base is usually 85 and EB usually 95
"capital markets and advisory" division now holds IB, CM, and S&T... sounds like all are getting this
No, Capital Markets & Advisory doesn’t include S&T. That falls under the Global Markets division at CS
Are the base salary raises permanent or only a one time COVID thing? Meaning will incoming summer and fulltime associates get a pay bump as well?
Can other banks follow suit asap, pls. Thx
Facts
Ok it's time we admit that those 13 goldman analysts are fucking legends
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
Shout out to litquidity as well
Okay Jamie Dimon....the ball is now in your court please and ty
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.
Maybe encourage taking their 4 week vacation package.
My full year bonus was $20k lol, and this was the busiest year ever
F
What bank? That's insane for S&T
got a pen and coffee mug from Citi
they still won't give me a 2nd monitor though lol
I didn't even get a mug bro, just a pen and a notebook with like 20 pages...
no clue how you can reasonably function without a second monitor
you can't
We got the equivalent of $50 to spend in points catalog. They went all out on us
One of the EBs pls kick this off.
what the fuck is EVR CVP AND PJT DOING????????????????
Giving their employees bonuses that are already >$20k higher than BB bonuses
Have not gotten anything yet.
PJT implemented protected Saturdays - have been fairly respected thus far too
Do you find in general PJT (if that is where you're at) is doing better than what a lot of the commenters here feel like their banks are doing? It's still gotta be hard, but PJT seems to have a decent reputation for good culture
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
CS out here paying like an EB now
Awaiting to hear what Barc/Baml/Citi/JPM/DB(?) will do
Apparently Barclays MDs are at least discussing jr hours. (initiated by the GS analyst reports, not CS bonuses)
Literally every team is getting absolutely crushed right now. Coverage and Lev Fin teams are regularly at 90+, DCM 80+, even ops teams expected to reply to midnight emails.
I would wonder if they increased base pay for analysts, if this would apply to the incoming class aswell or just those who had to go through 2020, speaking selfishly as I am one of those starting in the summer.
I got an email from Credit Risk past midnight ET...
BUMP - CMON CITI GROUP PICK IT UP!
NGL intensely jealous right now. We're supposed to be comparable to CS and thus far bonuses and then this morale bail-out money have exceeded what our bank's given out.
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
I know this is to be celebrated, but hopefully you all don't lose sight of the fact that this is just a compensation improvement. Who cares about getting an extra 20 grand in the bank if you're too distressed and tired to enjoy it? Pay bumps are nice, but hopefully there is progress on work-life balance.
Say it again!
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.
damn.. those are good perks compared to the MM im in. Any idea what are the salary bump for each level?
FWIW Jane Fraser (Citi CEO) noted a model that most roles will be hybrid once we go back to the office, so most work at least 3 days at the office, with up to 2 days at home.
Did I miss the workplace flexibility?? They’re letting us wfh indefinitely?!
F**ks sake my dudes, only joining in August - anyway we can postpone these free money giveaways??
Delete
UBS analysts on suicide watch
BMO where is my increase at?
I know you in here reading HR.
I’m joining their S&T FT this summer... does this apply to me?
pay bump yes, bonus no
Do incoming IBD analysts get the 20k?
I'll be a SA in their IBD this summer, does this affect me at all?
bump
interned last summer, they pay interns analyst 1 salary pro-rated over the internship period so I'm assuming you'd get the bump in your pro-rate
Hey quick question. So my contract states they pay overtime of 1.5 on the base rate. Is the base rate calculated as 85,000/52/40? So around $40/hour?
you think this means higher return offer rate?
meanwhile at Citi.... $25 meal stipends and "zoom free" Fridays
good on CS, but don't forget if you rise too quickly, they'll spy on you and your family
https://markets.businessinsider.com/news/stocks/credit-suisse-spying-ti…
Any info on whether this applies to CM&A globally or just US?
Bad timing for Credit Suisse, now having to deal with these extra bonuses and Archegos capital.
Right - you wonder if it will still happen
Baird is giving $10k bonuses.
Saw a few bankers on wso there say the analysts are getting worked like dogs. Good for them, deserve more
Base bumps (effective immediately, today) are $25K for all Associate and VP levels. Analysts find out later...
Does this also apply to incoming 2021 FT hires at CS?
Wouldn't know there, sorry. I think ASO0 bases stay unchanged as they recently were increased to match ASO1 bases (as afar as I'm aware...). I have no detail about incoming hires, perhaps worth asking HR the question?
Do you know when the 20k bonus will be paid for Credit Suisse analysts ? April, May or June 2021?
What happen for analyst 3 salary jump ? Is it effective in 1st may or 1st july ?
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