CS clawback
Credit Suisse gave first year analysts $10k relocation bonuses contingent upon us working until July 15th. Landed a PE role and ended up leaving a month before the cut off date (like many others due to the deteriorating state of that shit hole of a bank). Me and a number of the colleagues that left received an email requesting the $10k back.
I guess my question is what are the repercussions of ignoring the request? To what lengths will the firm go to recoup the money?
If I do pay back the $10k what are the tax implications? Do I get a credit for taxes paid in the bonus last year?
Bump
It's really varied. Some firms will let it go, other firms will send it to collections and you will think it's gone until you take a massive credit score hit 6 months later without any notice. On one hand CS is a shitshow right now and it could slip through the cracks, but they're also looking at expenses with a fine tooth comb and they could certainly squeeze a few hundred thousand out of this if they chase all of these down.
I'm personally risk averse and would be anxious about it going to collections, so would try to work something out to pay it. Most of the time this is part of your signing bonus at the next job and it should have been something you negotiated.
I would tell HR you left because of the merger and impending layoffs, and are willing to pay back a pro-rated amount given the substantial changes in the firm and that you were there for 11 of 12 months. See if they take you up on it.
If you do pay it in full, you'll need to note it on your next tax return and you will get the taxes back
Ut repellendus quibusdam aut qui. Consequatur ex velit ipsum ea aut assumenda. Minima animi reiciendis eos. Quo libero nisi aut cupiditate voluptatibus optio doloremque.
Inventore doloremque saepe alias repellendus accusamus sed voluptatem. Et cumque iste hic explicabo consequatur officia beatae rerum. Nam labore deleniti ut autem autem.
Et aspernatur illo dolore cupiditate. Odit quasi sapiente ex soluta. Assumenda dolorem neque quidem architecto.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...