$220M RETENTION AWARDS TO STAFF BY CREDIT SUISSE WHILE $2.2B LOSS DURING 3RD QUARTER.

" The Swiss bank said in a financial report released on 29 September that during the first six months of 2023, it had paid a total of $220m in retention awards and to staff working on acquisition-related activities. The bank also warned that it expected a $2.2bn loss during the third quarter including $1.6bn in loan losses from assets placed in the combined group's so-called bad bank.
Credit Suisse made selective retention awards to key staff in a bid to stop them leaving after UBS's $3.25bn acquisition was pushed through in March, people familiar with the matter told Financial News previously. Many of these were for senior dealmakers within its investment bank, they said"
The Swiss bank was losing 200 employees every week after the shotgun marriage, and around 8,000 staff departed during the first half of 2023"

SOURCE:

https://www.fnlondon.com/articles/credit-suisse-shells-out-220m-to-retain-key-staff-during-ubs-takeover-20230929

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