The banking teams at Credit Suisse that need retention bonuses
As we reported yesterday, Credit Suisse is paying retention bonuses to its most prized and desirable members of staff, and they will seemingly consist of the entirety of last year's bonus paid all over again, in July, in stock.
However, very, very few people are thought to be receiving the top-up payments. We only unearthed one among multiple of the banks' managing directors; most people know nothing about them.
So, who should CS be paying its retention bonuses too? Unfortunately, the horse has already bolted. As the chart below, based on data Dealogic, reflects, the biggest sector for investment banking revenues globally at Credit Suisse this year - and the sector with the biggest growth is the financial institutions group (FIG). However, various members of Credit Suisse's FIG business in both America and Europe have recently gone to Jefferies.
Remaining senior FIG bankers at Credit Suisse are therefore likely to be first in line for the payouts, followed by technology bankers, industrials bankers and - maybe - consumer and retail teams. Other sectors are more negligible for the bank, and real estate bankers in particular look out of luck.
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