Bankers’ fury as Credit Suisse claws back bonuses

THOUSANDS of Credit Suisse bankers are fuming after being told they must repay some of their bonuses if they leave within three years.

Staff were told yesterday of plans to shake up bonus payments as the Swiss bank is hit by big losses and the sudden exit of its chairman.

Bankers not on the front line will now be subject to a clawback provision that is typically reserved for dealmakers. It is believed that this will affect about a fifth of Credit Suisse’s 50,000 staff.

Those in administrative roles would have to repay a pro rata amount of their bonus if they leave within three years. Employees will receive a higher cash amount upfront, however.

Although it is not the first time that the bank has used the clawback provision, one company insider suggested that the bonus overhaul could be “the straw that breaks the camel’s back” given the recent turmoil at the lender: “The place is going down the loo.”

Some back and middle office employees receive bonuses that are on a par with Credit Suisse dealmakers.

An email from the executive board laid bare Credit Suisse’s “difficult year” in 2021 that “creates a challenging context for the bonus pool.”

Earlier this month Sir António Hortaosório was forced to step down as chairman after little more than a year in the job. The former Lloyds Banking Group chief executive was found to have breached Covid quarantine rules by attending the Wimbledon tennis finals and the football European Championship in London last summer.