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Getting out of Credit Suisse

Let this be a warning to other banks that aspire to reward their employees with a dose of the toxic debt on their balance sheets: lots of people apparently want to leave Credit Suisse.

One headhunter told us that by the middle of last week he’d already had a dozen calls from senior Credit Suisse bankers who want to get out before the new bonus plan starts to bite. “People are particularly angry if they’re not in leveraged finance or high yield and are being forced to own these [toxic] assets,” he says. “They’re also not pleased about the clawback on the cash element if they leave.”

Another headhunter said he’s also getting calls from Credit Suisse corporate financiers who want to leave. “They’re not interested in what they’re going to get paid in five years’ time, they want to know what they can get now,” he says. “One guy is building a new swimming pool and he pointed out that his builder doesn’t accept illiquid assets.”

Privately, headhunters say the Swiss bank may have made a mistake, and would have been better off getting a few of its rivals to adopt the same policy before offloading its toxic debt as bonuses.

Despite the number of CVs coming out of Credit Suisse there are unlikely to be mass defections for the foreseeable future. “People are fed up everywhere, but most of them would rather be fed up in their job than run the risk of leaving,” says Mark Horlock at search firm Marshall Warburton. There are also very few alternatives.

Comments (7)

  1. Perhaps the guy who is building a swimming pool can reuse his sales patter from 2 years ago to convince the builder CDO’s are AAA investments and as safe as ‘houses’…

  2. these whining idiots need to get a grip… I work for CS and nobody in my department is getting a bonus this year.

  3. As far as I can see, there is nothing wrong with “reaping what you sowed”
    especially these ‘senior bankers’ who enjoyed the benefits of trading in these complex derivatives and insecure, high risk assets and shedding of the risk in what they thought was due course.
    So to the banker who is struggling to finance the construction of his new swimming pool, thank God you still have a house, however the swimming pool will have to wait, until you’ve invented the next high risk derivative product

  4. Seriously, where are they going to go? Every bank on the street is pulling back, they should just be happy they still have a job.

  5. As one of the many who were laid off in December and now cannot find work because the entire back office market is swamped with people from Lehman’s et al……TOUGH.

    YOU still have your job.
    YOU caused me to lose mine through your greed and negligence.

    So you cannot afford your new swimming pool…boo-hoo-hoo.
    I am struggling to pay my mortgage and feed my children.

    And yes, there are jobs *around* but they involve taken anything from a 33-66% paycut and is unlikely to keep the wolf from the door……

  6. Aaaah, people’s whose jobs have no real social value, but who are paid tremendously for moving paper. The sense of entitlement is remarkable. As for the whining.. a bottle, a diaper change and a nap works for most babies. Let’s face it, babies and swimming pools are a bad combination anyway.

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