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Credit Suisse’s $220M Lifeline: Retention Amid UBS Takeover Turmoil | Explained

Credit Suisse, a Swiss bank, has paid out $220 million in compensation in an effort to retain its staff during its takeover by UBS.

The bank made these payments as retention awards and to employees involved in acquisition-related activities during the first half of 2023. Photo: Getty Images

Additionally, Credit Suisse expects a loss of $2.2 billion for the third quarter, with $1.6 billion attributed to loan losses from assets placed in the combined group’s “bad bank.”

To prevent key staff from leaving post-acquisition, Credit Suisse granted selective retention awards, particularly to senior dealmakers within its investment bank.

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