Junior Credit Suisse bankers to get $20,000 ‘lifestyle’ bonus
Credit Suisse says it will give more junior members of its capital markets and deal businesses a $20,000 (CHF18,800) “lifestyle” allowance as it tries to maintain morale among staff feeling the strain from heavy workloads and remote working.
Stress among junior bankers has come into focus after a survey by 13 Goldman Sachs first-year analysts highlighting their 95-hour working week went viral. Goldman has responded by saying it will hire more junior bankers and shift staff from other teams to help the busiest ones.
Now Credit Suisse, Switzerland’s second-largest bank, is to award the extra cash to staff at the “vice president” level or lower, on top of pay rises being given to everyone with a “director” title or below.
“Credit Suisse’s Capital Markets & Advisory management recognizes and wants to reward the efforts of our people who have not only managed to support our clients through unprecedented deal volume, but also increased our share of the market,” the bank said in a statement.
More
More
Rich shift funds to Swiss banks during Covid crisis
This content was published on
Swiss banks attracted tens of billions of francs in new client money during the first half of this year.
Credit Suisse also plans to allow its graduate intake for 2021 to join the bank earlier this year if they wish, given the scarcer opportunities to travel ahead of starting work.
Its 2020 intake have been told that events they missed out on because of the pandemic, such as class-wide social and philanthropic events, will be hosted this year.
More
More
Stress test: Swiss workers under increasing pressure
This content was published on
Nearly one in three people in Switzerland suffers from a high level of stress, according to the “Job Stress Index”.
New gel developed in Zurich renders alcohol harmless
This content was published on
A newly developed gel composed of whey proteins breaks down alcohol in the body and could reduce its harmful and intoxicating effects in humans.
Pro-Palestine protests extend to Basel and Fribourg universities
This content was published on
Demonstrators called for an academic boycott of all Israeli institutions and disassociation with Chaim Weizmann, the first Israeli president.
This content was published on
In many cases, China's use of AI undermines the national security of the US and its allies, according to a US government representative.
Swiss Hells Angels trial alleges rape and money laundering
This content was published on
An allegedly high-ranking member of the Hells Angels is accused of money laundering totalling millions and rape, among other serious crimes.
SWISS is airline ‘group flagship’ says Lufthansa boss
This content was published on
Despite challenges, Lufthansa and its most important subsidiary, Swiss International Airlines, promise increased satisfaction and continued growth.
Swiss rediscover communist zeal after 84-year hiatus
This content was published on
Over 300 participants founded the Revolutionary Communist Party (RKP) at its congress in Burgdorf in canton Bern at the weekend.
This content was published on
Nemo brought the Eurovision Song Contest to Switzerland with a victory on Saturday evening in Malmö, Sweden. It is Switzerland's third victory in the history of the music contest.
SNB chief commends Swiss banks for handling of Covid crisis
This content was published on
Swiss banks have so far weathered the impact of the Covid-19 pandemic well, according to Swiss National Bank chairman Thomas Jordan.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.