Credit Suisse told some junior to midlevel staffers in its global capital-markets and advisory group on Wednesday to expect to receive salary raises and bonuses in the coming months, as Wall Street bosses are taking a closer look at ways to support younger employees during a taxing period of remote work.
The Swiss bank plans to disperse $20,000 bonuses to analysts, associates, and vice presidents, with bonuses hitting accounts as soon as the second quarter of 2021.
A spokesperson for Credit Suisse confirmed the details of the salary raises and bonuses to Insider.
The firm will also increase salaries for people in the global capital-markets and advisory group at the director level and below, which includes directors, vice presidents, associates, and analysts.
Salary raises will take effect for directors, vice presidents, and associates as early as April.
But the raises for analysts will take effect in July, in keeping with their usual timeline.
Managing directors, who sit above directors in the firm's hierarchy, will not be eligible for additional bonuses or salaries.
"Credit Suisse's Capital Markets & Advisory management recognizes and wants to reward the efforts of our people who have not only managed to support our clients through unprecedented deal volume, but also increased our share of the market," a representative for the firm told Insider in an emailed statement on Wednesday morning.
The news was announced to people via a video call on Wednesday morning, in which senior capital-markets and advisory leadership, including the group's CEO, David Miller, made the announcement.
The firm will also implement a relaxed dress code when employees begin heading back to the office, but traditional dress-code requirements will continue to be in place for client meetings.
Wall Street is scrambling to ease junior-employee burnout
Meanwhile, other firms are also putting measures into place — including handsome bonuses — to retain junior talent as the effects of a year of remote work are increasingly coming to light.
The private-equity firm Apollo Global Management — battling a series of recent departures among associates in New York City — has begun to offer bonuses of varying amounts to associates whom they're hoping to convince to stay. The bonuses, which are being dispersed amid accounts of punishing workloads within the firm, are conditioned on recipients agreeing to stick with the firm through at least September 2022.
The bonuses will reach as high as $200,000 for some associates and are tiered based on whether they are in their first, second, or third years on the job, Insider has learned. They are set to be paid out in April, according to two people familiar with the matter.
Jefferies Financial Group CEO Rich Handler and President Brian Friedman told their analysts and associates on March 18 that they'd be eligible to receive their choice of swanky gifts like Pelotons, iPads, and Apple Watches.
Insider first reported on the existence of a slideshow presentation made by Goldman Sachs investment-banking analysts as early as April. It warned senior bankers of the first signs of strain as work from home began.
Their requests for more manageable workloads and reimbursements for heightened personal costs for meals and tech equipment were denied as the early days of an arduous year set in.
