Credit Suisse Bank.
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A Wall Street company may have found a solution to the unhappiness of overworked junior bankers in the midst of a boom in business activity: money.
Credit Suisse executives told mid-level and entry-level investment bankers on Wednesday that they were receiving special $ 20,000 bonuses in the second quarter, and that people below the level of managing director can also expect salary increases, according to people with knowledge of the changes.
The move from Credit Suisse, one of the top 10 merger advisers worldwide, is Wall Street’s latest attempt to address concerns that junior bankers are overworked and underestimated during an increase in capital markets activity. Last week, a presentation created by Goldman Sachs’ first-year analysts detailed the brutal working conditions this year, including 100 weekly hours of work while working from home, prompting a response from CEO David Solomon.
On the day the story appeared, New York-based investment bank Jefferies told its analysts and associates – the two lowest levels of the Wall Street hierarchy – that they could choose gifts, including Peloton exercise machines and Apple products. Yesterday, Citigroup CEO Jane Fraser banned internal video calls on Fridays and instituted a company-wide holiday to deal with employee exhaustion.
At Credit Suisse, the $ 20,000 bonus was labeled “one-time cash subsidies for lifestyle” and is specifically for analysts, associates and vice presidents in the bank’s capital markets and advisory group. The next increases are for people with these positions, as well as directors, which is the level just below the managing director of Credit Suisse.
As part of the changes, the company also said it would relax its dress code when workers return to office life, according to Business Insider, which previously reported on the change. Zurich-based Credit Suisse has advised $ 112.5 billion in mergers so far this year, according to Dealogic.
“Credit Suisse’s capital markets and management consultancy recognizes and wants to reward the efforts of our staff, who have not only managed to support our customers through unprecedented turnover, but have also increased our market share,” said one bank spokesperson in an email statement.
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