Credit Suisse Defends Its Bankers' Mid-year Bonus
THE TELEGRAPH: Credit Suisse has defended a decision to award its London-based bankers with a surprise mid-year bonus by claiming that it had no choice after its compliance with British rules on pay backfired.

Credit Suisse defends its bankers' mid-year bonus. Photo: The Telegraph
The Swiss bank suggested its decision to distribute a multi-million pound bonus-round, a move that looks set to re-ignite the row over City pay, was necessary to avoid losing key people to its rivals over the next few months.

Around 400 bankers are thought to have benefited from the windfall payments which will be awarded on Wednesday, in addition to the payments traditionally made at the end of the year.

The bank consulted with the Financial Services Authority (FSA) over the September bonuses, although it is not clear if the Government was warned in advance.

Credit Suisse was at pains to point out that the payments are compliant with the FSA's latest rules and include tough conditions including deferred payment and claw-back provisions.

Even so, the extra payouts, particularly at a time of concerns over a double-dip recession, are likely to reignite the row over City pay.

Politicians and regulators, who have vowed to crack-down on lavish payments by banks in the wake of the financial crisis, will be concerned that the unusual move is a prelude to another controversial bonus season. Read on and comment >>> Louise Armitstead, Chief Business Correspondent | Tuesday, August 31, 2010

So wohnt der Ex-CS-Chef in New York
TAGES ANZEIGER: John Mack hat sich an der Upper East Side in New York ein neues Haus gekauft – Garagenplatz für 12 Autos inklusive. Kostenpunkt: 13,5 Millionen Dollar. Zur Fotogalerie >>> | Dienstag, September 08, 2009

Big City Bonuses Are Back
MAIL Online: City banks are preparing to lavish record bonuses on staff less than a year after bringing the world economy to the brink of meltdown.

Many high-flying traders and dealmakers are looking forward to ' mindblowing' payouts on a par with the rewards handed out at the height of the banking boom in 2007.

This is despite many of the banks only being able to turn a profit because they have been bailed out with taxpayers' money.

Wall Street giant Goldman Sachs is expected to confirm next week that it will pay an average of almost £400,000 in pay and bonuses to each of its 5,500 London-based staff - a total of £2.2billion.

Its profits are soaring on the back of the $6.2billion it received from the U.S. taxpayer last year.

Royal Bank of Scotland recently revealed chief executive Stephen Hester was in line for a £9.7million pay package if he brings the bailed-out bank's share price up to 70p.

Another bailed- out financial giant, Citigroup, is raising basic pay for many of its investment bankers and traders by up to 50 per cent, to make up for the loss in bonus pay.

Nationalised U.S. insurance firm AIG is planning to pay millions of dollars more in bonuses to dozens of top bosses across the world.

Last year it paid out more than £100million despite being rescued by the U.S. government after racking up £60billion in losses from reckless bets on toxic debt.

Credit Suisse, Deutsche Bank, JP Morgan, Morgan Stanley and Barclays are also planning major rewards.

This is despite their actions triggering a recession which is expected to cost a million Britons their jobs.

The return of 'business as usual' to the banking sector makes a mockery of the Government's claim to have stamped out the culture of greed and reckless risk taking in the banking industry. Big City bonuses are back! Less than a year after banks took billions in taxpayer-funded bailouts... >>> Simon Duke | Saturday, July 11, 2009

Credit Suisse streicht 5300 Stellen: Verlust von 3 Milliarden Franken im vierten Quartal
NZZ Online: Die Grossbank Credit Suisse streicht als Folge der Finanzkrise weltweit 5300 Stellen. Der Abbau entspricht elf Prozent des Personalbestands und soll vor allem im Investment Banking vollzogen werden. Im vierten Quartal rechnet die CS mit einem Nettoverlust von rund drei Milliarden Franken. >>> | 4. Dezember 2008

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Credit Suisse Targets Same Sex in the City
THE TELEGRAPH: Credit Suisse has become the first major bank to target the pink pound with a bespoke private banking service provided by gay advisers.

The Swiss banking giant’s new service will cover all the traditional aspects of private banking, alongside tailored services to deal with events such as civil partnership and adoption.

Credit Suisse said that gay role models - such as Boris Johnson’s chief of staff Nicholas Boles - have helped boost the confidence of the younger gay community - leading to an increased desire to be dealt with by those that understand their lifestyle.

Many of the bank’s rivals, including HSBC, Barclays and UBS, offer no specific service or products for the lesbian, gay, bisexual and transgender (LGBT) community. UBS said that it does not “segregate clients in this way”, while HSBC offers other dedicated services such as a diamond and jewellery arm and a family office within its private banking business.

Stephen Connolly, who is leading the Credit Suisse service, said: “Clients with us have no need to explain their lifestyles or - as we know happens in some cases - almost feel the need to justify the way they choose to live their lives.”

With earnings of £81bn last year, Britain’s 3m-strong gay and lesbian community could provide a lucrative client list for Credit Suisse. As Mr Connolly, 38, points out, the majority have no school fees to contend with, freeing up much of their short-term finances and allowing for greater risk taking and earlier retirements. Credit Suisse Targets Same Sex in the City >>> By Emma Thelwell | Auguat 17, 2008

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