CS Bonuses
According to a friend word around the office today is that CS An1 will be 30-35 top bucket. Sounds like it might be quite a nightmare comp day over there for analysts. Can anyone confirm?
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CS paid in line last year with BAML and BARC literally 5 months after archegos blew a $5bn hole in their balance sheet and the firm was undergoing a strategic review where everything was on the table including a sale of the firm. Why would they, a year later after those issues have subsided and the bank has publicly re-affirmed their commitment to the IBD / hired dozens of heavy hitter MD from top firms, stiff their juniors with below street pay? Their IBD just had its best year on record, in spite of archegos. I swear you 1st years and college kids put wayyyy too much stock in litquidity jokes - use your brain for once
Accidental double post
Just 5 months ago ASOs at GS got 300k bonuses while same class ASOs at CS got 60-80k (mid bucket for both). Don’t be naive, CS will pay below street across the board this year… not that mgmt has any other choice…
This is wildly inaccurate lol. CS Associates didn’t make less than CS analyst 2s last year. Cant believe I had to just type that
They also raised An1 base to 110 a couple weeks ago
Because CS is a sheep bank that copies the salaries of other institutions such as Barclays, MS, Citi etc. CS is unlikely to be a "leader" ever when it comes salary.
You're basing your argument on an idiosyncratic event. Sure, CS has had additional problem aside from Archegos over the last few years but the deal pipeline was buzzing. IBD/Cap markets businesses were doing well and the point was that juniors needed to be kept happy and in their seats to prevent them from leaving and disturbing the overall deal processes.
Guess what is happening now - ECM is non-existent, LevFin is non-existent, sponsor activity is massively down and their overall M&A has been mixed anyway and its not great now. And their private wealth business just got shat on thanks to Russia being taken out of the fee pot. More importantly, the outlook is grim for the next 12 months which is as long-term as CS (and other banks) are budgeting/thinking. Other comp numbers are coming out and they are garbage. You think CS will outmatch those? If it does, then great for the junior population but I wouldn't hold my breath.
This was not word around the office today; comp isn’t communicated until later this week.
Source: I work at CS
People talk, unofficially too
Bonuses don’t get paid out until next week….
Let's get a thread going on the bonuses
Can confirm a friend in industrials heard 30 for top bucket An1
CEO leaving a day before earnings isn't the greatest indicator for high comp.
Source: https://www.wsj.com/articles/credit-suisse-ceo-thomas-gottstein-set-to-…
Even the CEO was so pissed at his comp he decided to lateral lmao
RIP
”As part of a series of sweeping changes, Credit Suisse launched a “comprehensive” review of its businesses that will focus on shrinking its unprofitable investment bank and making significant cost cuts across a company that employs 45,000 people.”
From both its Q2’22 report and the fact that the bank is desperate to keep its rainmakers with retention pay, it seems likely that trading (not IB) will be most affected. Cuts are still expected across the bank though.
“Revenues in both fixed income and equity sales and trading businesses were both down about a third in the second quarter, the Swiss bank said Wednesday. The trading businesses produced $2.3 billion of revenue in the first half, the lowest this century.
The results mean Ulrich Koerner, who is replacing outgoing Chief Executive Officer Thomas Gottstein, is set to accelerate an ongoing overhaul of the unit. The aim: an investment bank that uses less capital and is more advisory-led and tied to its wealth franchise.”
“The bank has offered multiyear guarantees to keep some managing directors within its investment banking and capital markets group, according to people with knowledge of the matter. In at least one instance, the Zurich-based lender agreed to award a senior US financial sponsors banker a compensation package worth roughly $10 million or more, split across two years, after he received a competing offer, said some of the people, who asked not to be identified discussing compensation.”
Source:
https://ca.finance.yahoo.com/news/credit-suisse-worst-trading-first-111…
https://www.bloomberg.com/news/articles/2022-07-26/credit-suisse-offers…
When do bonuses get announced?
Bump
Bump, any numbers?
Analyst numbers announce tomorrow. Every group head pulled their team into a meeting today to say that the Investment Bank (M&A, coverage, ECM, DCM, etc) is not a part of the strategic review and is a key investment/growth area for the firm. The layoffs will be entirely in S&T and back office
No they are out today
this was posted yesterday bud, take a lap
Bump
Any word on the bonuses?
Any info?
Bump
50k - mid bucket
Are you an analyst?
Bump
Bump
An1
Coverage
55 top
50 mid
Extremely grateful and forever loyal you moron
Ewwwwww
Looks like 60-65k mid bucket for M&A an1
Likewise in coverage. Everyones very happy
What coverage group?
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