Credit Suisse traders targeted after bonuses paid
Credit Suisse traders are understood to have received their bonuses last week. Several are thought to be in the process of resigning as a result.
They include a director in the London credit trading team, who has allegedly received a bid from Barclays (which also has a habit of pinching the Swiss bank's equities traders), and Maria-Magdalina Stamatova, a structured credit senior associate who's thought to have gone to Bank of America.
Sources say there are likely to be various exits in coming weeks.
Credit Suisse's bonus pool was down 32% last year. Directors and above at the bank received a cash bonus which is clawed back if they leave within three years, along with the income tax they paid. Resignations appear to be happening nonetheless, with Credit Suisse seemingly obliged to bid people back.
Barclays and Bank of America aren't the only banks chasing Credit Suisse people. Other U.S. banks are also thought to be in the mix. Headhunters claim some Credit Suisse traders are walking away from last year's cash bonuses altogether: "They weren't at the level people anticipated, and the bank isn't necessarily setting itself up to pay well in the future," claimed one, who may be biased from attempting to persuade CS people to leave.
Credit Suisse would disagree about future bonus potential. The bank has a recovery plan as it sets about bouncing back from last year, and still plans to grow its investment bank.
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