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Credit Suisse’s Upfront Bonus and the Catch

A Credit Suisse bonus plan that gives senior bankers with more cash up front in an effort to retain talent comes with a catch: anyone who leaves within three years must reimburse the full amount.

However, as the Swiss bank embarks on a cost-cutting exercise that will result in the elimination of 9,000 workers by 2025, there is some good news for dealmakers: dismissed bankers will not be compelled to reimburse their bonuses.

According to a person with knowledge of the issue, neither Credit Suisse bankers who leave due to “termination without cause” nor those who retire will be subject to bonus clawbacks.

The Swiss bank is offering directors and managing directors earning more than $250,000 the opportunity to participate in a bonus plan that gives them with additional cash upfront. However,

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