Bank bonus shake-up

CREDIT Suisse has warned its top bankers that it will claw some of their cash bonus back if they leave within three years.

In a controversial step designed to retain staff, the lender said anyone earning over £187,000 would get more of their annual bonus in cash rather than shares.

But if they resign, they will have to give back part of their generous pay reward, Credit Suisse said.

The lender was weighed down by the collapse of lender Greensill Capital last year. Weeks later it was battered by the implosion of hedge fund Archegos Capital. And chairman Antonio horta-Osorio had to step down last week for breaking UK and Swiss Covid-19 restrictions.