Credit Suisse is giving junior bankers special $20,000 bonuses, raises after Goldman analyst revolt

Credit Suisse is giving junior bankers special $20,000 bonuses, raises after Goldman analyst revolt

One Wall Street firm may have found a solution to the unhappiness of overworked junior bankers amid a boom in deal activity: Money.

Credit Suisse executives told mid- and entry-level investment bankers Wednesday that they were getting special $20,000 bonuses in the second quarter, and that people below the managing director level can expect salary increases as well, according to people with knowledge of the changes.

The move from Credit Suisse, a top-ten mergers advisor globally, is Wall Street's latest attempt to address concerns that junior bankers are overworked and underappreciated during a surge in capital markets activity. Last week, a deck created by first-year analysts at Goldman Sachs detailed brutal working conditions this year, including 100-hour work weeks while toiling from home, prompting a response from CEO David Solomon.

The day that story broke, New York-based investment bank Jefferies told its analysts and associates - the bottom two tiers in Wall Street's hierarchy - that they could choose gifts including Peloton exercise machines and Apple products. Yesterday, Citigroup CEO Jane Fraser banned internal video calls on Fridays and instituted a firm-wide holiday to address employee burnout.

At Credit Suisse, the $20,000 bonuses were labeled "one-time, cash lifestyle allowances" and are specifically for analysts, associates