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.
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Rich shift funds to Swiss banks during Covid crisis
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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.
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Stress test: Swiss workers under increasing pressure
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Nearly one in three people in Switzerland suffers from a high level of stress, according to the “Job Stress Index”.
Swiss foreign minister backs Berset at Council of Europe
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Cassis described Berset as the "ideal candidate" to help the Council realise its aim of ensuring security and peace in Europe.
Gay conversion therapy banned in Swiss canton of Valais
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On Thursday, the canton approved a new Health Act which includes a ban on therapies aimed at changing sexual orientation or gender identity.
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Some aspects of pro-Palestine sit-ins have gone too far, but the right to protest and debate must be upheld, the student association has said.
Swiss LGTBIQ helpline: attacks more than doubled in 2023
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Three organisations jointly operating a helpline have called for more awareness, action and funding to address discrimination.
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Switzerland's economy grew slightly at the start of 2024, with growth in the service sector contrasting with weak growth in industry.
Swiss employment rate rises in first quarter of 2024
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The number of women and foreign nationals in employment increased particularly strongly, the Federal Statistical Office said on Thursday.
SNB chief commends Swiss banks for handling of Covid crisis
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Swiss banks have so far weathered the impact of the Covid-19 pandemic well, according to Swiss National Bank chairman Thomas Jordan.
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