Credit Suisse will give more junior members of its capital markets and deal businesses a $20,000 “lifestyle” allowance as it tries to maintain morale among staff feeling the strain from heavy workloads and remote working.
Stress among junior bankers has come into focus after a survey by 13 Goldman Sachs first year analysts highlighting their 95 hour working week went viral. Goldman has responded by saying it will hire more junior bankers and shift staff from other teams to help the busiest ones.
Now Credit Suisse, which is Switzerland’s second-largest bank, is to award the extra cash to staff at the “vice president” level or lower, on top of pay rises being given to everyone with a “director” title or below.
“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,” the bank said in a statement.
Credit Suisse also plans to allow its graduate intake for 2021 to join the bank earlier this year if they wish given the scarcer opportunities to travel ahead of starting work.
Its 2020 intake have been told that events they missed out on because of the pandemic, such as class-wide social and philanthropic events will be hosted this year.