Credit Suisse analysts at Santander possibly paid too much
It's not always easy to hire a lot of new bankers and integrate them with your existing team. But it's especially difficult if the new bankers are paid more than the incumbents.
This, according to Instagram account Litquidity, is the awkward situation at Santander in New York.
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The Spanish bank is adding around 150 bankers in the US as part of its expansion plan, and may of them have come from Credit Suisse, including juniors. But even at the junior end, the Credit Suisse people have allegedly joined Santander on Credit Suisse pay packets higher than those historically paid at the Spanish bank.
It's allegedly causing problems.
The Litquidity post states that comparable junior bankers at Santander are being paid a $95k base and a $20k bonus if they're Santander natives but a $110k base and 'regular IB bonus' if they came from Credit Suisse.
Santander isn't commenting, but a brief perusal of publicly available pay data suggests Credit Suisse junior salaries were indeed historically higher than Santander's. H1B visa information suggests that the going rate for a Credit Suisse analyst in 2023 is a $110k salary. By comparison, Santander is currently looking for a DCM analyst in New York City on a salary that maybe as low as $85.5k.
Difficult.
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