Bloomberg reports that Credit Suisse has cut its bonus pot by around 41% to $3.3bn from $5.5bn in 2010.
Around 50% of the pool is thought likely to be paid out in cash. The members of the firm's executive board saw their bonuses cut 57%, and their awards will be paid all in stock which vests in three years.
In the meantime, The Wall Street Journal reports that, according to its sources, UBS is to clawback 50% of the stock bonuses awarded to investment bankers last year who bagged over $2.2m in variable pay. This is the maximum clawback allowed under a scheme introduced in 2010. It is not clear how many investment bankers this move will impact.
Finally, Reuters reports that, according to its sources, senior executives at Deutsche Bank are jostling for position as the German bank prepares to appoint leaders for its investment bank and regional management.
Robert Rankin, currently CEO of the firm's Asia-Pac unit, Stephan Leithner, co-head of investment banking coverage and advisory, Colin Fan, head of credit and emerging markets, Michele Faissola, head of rates and commodities, and Alan Cloete, head of global finance and FX, are all said to be in with a shot for promotion.
High Finance: A Wall Street Novel
50 Shades of Embarrassing
