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Weird News Compensation for "Wall Street Lifestyle": Credit Suisse Employees $ 20,000 Bonus

04:40  07 april  2021
04:40  07 april  2021 Source:   finanzen.net

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Investment Bankers At Credit Suisse, a bonus payment of $ 20,000 will receive. Thus, the bank would like to respond to the high working pens and the associated high burden on employees, such a media release.

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• 20,000 US Dollar Bonus for Employees on "Vice President" level and below

• "One-time lifestyle bonus allowance"

• Employees with burnout after 100-hour working weeks

20,000 US dollars are to receive junior staff of the Credit Suisse . The intension behind it: maintain the working sake of young employees who make a high working pens and remote work. Because the topic stress in the workplace also advocates the focus on Wall Street.

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employees complain about physical and mental damage

With this step, Credit Suisse wants to tackle the fundamental revision and the low appreciation of Junior Bankers at Wall Street according to CNBC. Only in mid-March, for example, a survey of 13 Goldman Sachs employees viral, which caused over burnout due to 100-hour work weeks and high pressure due to the executives. The employees of the survey were in their first year at Goldman Sachs on the so-called "analyst" level, the lowest hierarchy level or entry level for employees at Wall Street. According to CNBC, it is usually about young university or university graduates.

According to the CNBC report, one of the Goldman Sachs employees complained of uninterrupted pain of the whole body as well as that he is mentally at a "really dark place". Another employee gives ways within the survey: "Sleeping access, treatment by high-ranking senior bankers, the spiritual and physical stress ... I have been in foster families and that's worse". The disclosure of the working circumstances triggered an avalanche on countermeasures of Wall Street companies. Jeffries gave Junior bankers like home training devices from Peloton or Apple devices. Citigroup -ceo Jane Fraser prohibited internal video calls on Friday and introduced a company-wide holiday, so CNBC. David Solomon, CEO of Goldman Sachs, announced in the course of the survey to hire more Junior bankers so that the high working pens can be divided into several employees.

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"unparalleled effort" The employee

According to a CNBC report, the credit suisse bonus payments in the amount of 20,000 US dollars are marked as "one-time lifestyle bonus allowance". The allowance is associated with the level "Vice President" up to and including the Level "Vice President". On top of that, employees with a "Director" in the title and on all underlying levels receive a salary increase.

"Credit Suisse Capital Market & Advisory Management recognizes the efforts of our employees and would like to reward them, not only managed to support our customers through an unprecedented effort, but also to increase our market share," so the bank in one Statement. According to Reuters, Credit Suisse is the second largest Swiss bank and one of the ten worldwide advisory service providers for corporate fusions.

Why Young Wall Street Bankers take this strain on them

CNBC according to Wall Street is customary, year after year thousands of graduates and newcomers as Junior Bankers. This is therefore usually the most attractions from the most prestigious universities of the country. Junior bankers exchange a large part of their (free) time against the strenuous workload and a payment lying above the average US salary. The Goldman Sachs survey did, for example, that some polls a 95-hour week. All in the hope of one day to step in the place of a managing partner and to gain the enjoyment of compensation in the amount of multi-million US dollars, according to CNBC. Editorial Finanzen.net

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