It's a dismal year for bonuses, but one bright spot has appeared. While Wall Street bonuses are expected to drop by 20 to 30 percent this year, Credit Suisse recently sent a memo telling employees that less of their bonuses will be deferred, putting the bank in-line with competitors, according to DealBook.
Employees with total compensation of 250,000 Swiss francs - or $273,585 - would see any compensation above this level deferred to future years. Previously, any bonus above 50,000 Swiss francs - or $54,718 - was deferred.
The article states: "The vesting period for deferred compensation is being reduced by one year, to three years. These changes will result in about 90 percent of employees getting more cash when the firm's 2011 bonuses are paid out in early 2012... Credit Suisse had previously deferred compensation more than many of its competitors, and this modification brings the firm more in line with that of its competitors."
Alan Johnson, managing director of Johnson Associates expects this to be the weakest bonus season since the financial crisis.
More than a dozen Goldman partners have recently announced plans to leave, pressured by cost cuts and cutbacks. [DealBook]
Sergio Ermotti was named UBS CEO. [NYTimes]
Barclays' rank among merger advisors rises as it backs increasing numbers of big deals. [NY Times]
Moodys put Credit Suisse on review for a downgrade. [Bloomberg]
Deutsche Bank will pay $145 million, and Citigroup $20.5 million to settle claims that they misled failed credit unions about investments. [AP]
Three former MF Global employees are suing the broker-dealer over unpaid wages and benefits. [Bloomberg]
Institutional investors like pension funds are shunning hedge funds with less than $100 million in assets, and fund managers are turning to wealthy individuals. [Businessweek]
BofA will divest most of its stake in China Construction Bank for a profit of about $1.8 billion. [Bloomberg]
UniCredit SpA, Italy's biggest bank, posted a surprise $14.5 billion Q3 loss. [Businessweek]
Nuveen Investments will buy 60 percent of commodities firm Gresham Investment Management. [Financial Times]