About 300 Credit Suisse bankers and executives stand to share an estimated SFr1.9bn ($1.85bn) in stock next spring under a performance-based retention plan instituted nearly five years ago as the bank struggled to retain staff.
The eligible Credit Suisse managing directors and executives were paid one-fifth to one-half of the bonuses they received in early 2005 in “performance incentive plan” awards rather than in cash.
The move saved Credit Suisse much-needed funds in the middle of a critical turnround campaign, but proved internally unpopular at the time because it forced high-level bankers to wait five years – and to remain at Credit Suisse – before cashing in on their awards.
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