Credit Suisse is giving junior bankers special bonuses of $ 20,000, which will be increased after the Goldman analyst rebellion
Credit Suisse Bank.
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A Wall Street firm may have found a solution to the misfortune of overworked junior bankers in a boom in business: money.
Credit Suisse executives told middle and entry-level investment bankers on Wednesday that they will receive special rewards of $ 20,000 in the second quarter and that people below the executive level will, according to people aware of the changes, can also expect salary increases.
The move by Credit Suisse, one of the top ten global merger advisors, is Wall Street’s latest attempt to address concerns that junior bankers will be overworked and underestimated during a surge in capital market activity. Last week, a deck created by first-year analysts at Goldman Sachs detailed the brutal working conditions that year, including 100-hour work weeks while working from home, and sparked a response from CEO David Solomon .
On the day this story broke, New York-based investment bank Jefferies told its analysts and employees – the bottom two levels in the Wall Street hierarchy – that they could choose gifts like Peloton exercise machines and Apple products . Yesterday, Citigroup CEO Jane Fraser banned internal video calls on Fridays and introduced a company-wide holiday to tackle employee burnout.
At Credit Suisse, the $ 20,000 bonuses were referred to as “one-time cash lifestyle allowances” and are aimed specifically at analysts, employees and vice presidents of the capital markets and the bank’s advisory group. The upcoming raises are aimed at both those with these titles and directors. This is the level directly below the Managing Director of Credit Suisse.
As part of the changes, the company also said it would relax its dress code when workers returned to the office, according to Business Insider, who previously covered the move. Zurich-based Credit Suisse has advised on mergers totaling US $ 112.5 billion this year, according to Dealogic.
“Credit Suisse’s Capital Markets and Advisory Management recognizes and wants to reward the efforts of our employees who have not only managed to support our clients with an unprecedented volume of business, but also to increase our market share,” said a spokeswoman for the bank in an email statement.