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