A top banker received a $20 million bonus after four firms made him job offers as Wall Street goes to extremes to recruit and retain talent

Reuters

Credit Suisse sweetens deal for senior bankers with 800 million Sfr in upfront cash

Credit Suisse’s bonus pool fell 32% in 2021, the bank said on Thursday, as the bank slashed regular deferred awards following a string of scandals, but senior bankers’ pay was sweetened by a surge in upfront cash and a one-off bonus. Switzerland’s second-biggest bank said it had cut its overall variable compensation pool to 2 billion Swiss francs in 2021, as the bank reported a 1.6 billion franc loss for the year. However, senior bankers, who the bank said had “taken a higher proportionate share of the reduction in the variable compensation pool”, received 799 million Swiss francs ($865 million) in upfront cash awards, presentation slides showed.