"There must be over 100 printers in the office and a lot are printing this stuff," says one director. It states: "This measure relates to already granted but deferred remuneration for the financial years up to 2022, for example in the form of share awards." Similarly, despite conflicting reports on Coco bonuses, the likelihood is they will be worth nothing too.Īs people at Credit Suisse struggle to understand the implications of the move, employees in London say the office printers are working overtime as people print out their bonus contracts. In fact, yesterday's release from the Swiss government implies that both deferred cash and deferred stock bonuses could now be withheld. "This is just my expectation," he admits. We're emailing HR but are hearing nothing back."Īnother former MD suggests that deferred cash vesting should be ok and equity should be ok, but that the coco-based bonuses Credit Suisse awarded senior staff before 2022 will be zeroed. "Everyone that left has deferred shares locked in with Credit Suisse and we're waiting to find out whether those shares have been lost. "We have no idea what's happening," says one former Credit Suisse MD who was let go by the bank earlier this year. The fear is that any unpaid bonuses are now void. Following yesterday's Swiss government edict cancelling Credit Suisse's deferred bonuses, staff both inside and outside the bank are rushing to check the small print on their bonus documentation.
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