Some C Suisse bankers said to face long bonus delays

Stop!!! Colin Brough

A scheme devised by the bank could see hundreds of employees waiting until 2021 to receive bonuses, Sky News understands.

Hundreds of London-based bankers face having to wait until 2021 before they can cash in on bonuses awarded two years ago following an intervention by regulators.

Sky News has learnt that senior staff at Credit Suisse were told last week that they may not be able to receive millions of pounds-worth of deferred payouts which were due to mature in 2016 for a further five years under a revised scheme.

Credit Suisse is overhauling its Partner Asset Facility (PAF) 2012 programme in the wake of rule changes introduced by international banking supervisors.

According to a memo sent last week to eligible staff, a copy of which has been seen by Sky News, the award was linked to a portfolio of the bank’s credit exposures, and provided risk offset and capital relief to the bank.

'Due to regulatory changes, this capital relief is no longer available and accordingly, your PAF2 award will be amended in accordance with its terms'.

Hit the link below to access the complete Sky News article:

Credit Suisse Bankers Face Delay To Bonuses

Ex-Barclays Staff Charged Over Libor Scandal

 

 

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