In another reminder of the enormous pay packages on offer in times past, it has emerged that Credit Suisse paid Asif Turabali Mohamedali, its 32 year old head of high yield credit trading £4.2m in one year before he was dismissed in 2009.

However, in a simultaneous reminder that big pay often comes with big caveats, Mohamedali is arguing that Credit Suisse worked him so hard that be became suicidal. The Telegraph reports that Mohamedali is suing Credit Suisse for unfair dismissal and disability discrimination after he became depressed. During the credit crunch, Mohamedali alleges he was forced to undertake the jobs of three people. When he complained to his boss, he was allegedly told he hadn’t been working sufficient hours and that his, “visibility within the business was low, particularly in the evenings after market hours and on weekends.”

Separately, Financial News points out that UBS would have made a CHF1.2bn full year loss in its investment bank in 2011 were it not for accounting gains.  Given that UBS has a clause stating that bonuses will be clawed back if a division is unprofitable, will it be clawing back bonuses as a result? If so, it wouldn’t be the first time. We’ve asked UBS, but have yet to receive a response.

Meanwhile:

UBS basically gave a profit warning for the first quarter. (Bloomberg) 

Carsten Kengeter has said he will not accept his bonus. (Bloomberg) 

Macquarie says its securities unit is making a loss. (Also Bloomberg) 

Any profits HSBC reaps from investing the LTRO funds will be segregated from HSBC’s bonus pool, one person said. (WSJ)

Compensation costs at Lazard are high because deferrals are low. (Reuters) 

Lazard only deferred 23.5% of pay. (BusinessInsider) 

These days, EU MBA students would rather study in Asia. (WSJ)