Bonus Panic! More Credit Suisse Rumors

How bad have the losses from derivatives trading hurt Credit Suisse? That’s the question that is making the rounds at the Swiss bank, as hard working bankers toss and turn at night, fretting that their year-end bonuses might be hurt.

An additional source at Credit Suisse has told us that if the bank reports worse than expected numbers with its third quarter financials—due next Thursday—some bankers will be dusting off their resumes in expectation of “getting fucked over” at bonus time. Credit Suisse’s equity-trading arm has lagged behind industry leaders like Goldman Sachs and Morgan Stanley for much of 2006, and at least one top executive has reportedly been ousted over the poor performance.

Keep in mind that what we’re reporting here are internal rumors at Credit Suisse, and it is entirely possible that these rumors lack any basis in reality. But we think our readers—and even the gnomes who run the Swiss bank—deserve to know what the folks in the New York office are talking about.