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CS真TMD聪明
既可以decrease exposure to risky assets, 又可以冠冕堂皇地对员工说：“别的银行今年都不发bonuses，我们bonuses一样照发，那些bonuses还有无限的升值潜力！”
Credit Suisse to Use Illiquid Instruments to Pay Bonuses
ZURICH
-- Credit Suisse Group said Thursday it will use up to $5 billion of
its own illiquid assets such as mortgage securities to pay senior staff
year-end bonuses at its investment bank, a move meant to spread risk
more evenly between the bank and its employees.
The Zurich-based
bank plans to pool commercial mortgage-backed securities and leveraged
loans it can't sell because demand has seized up, then dole out units
in the entity to managing directors and directors as part of this
year's pay, according to a memo made available by a spokesman.
"Employees
receiving partner-asset facility units will participate in the
potential gains from these assets over time if they are liquidated at
prices above current market values and also bear risk of loss depending
on the liquidation proceeds," the memo said.
The memo said that,
with the introduction of PAF units, "a material block of legacy-risk
positions will be removed from Credit Suisse's risk-weighted assets and
this will also lead to a reduction in capital usage. This new
compensation structure, therefore, helps to advance our strategy of
reducing risk."
Employees will hold an equity stake of roughly
13% in the fund, which is composed of 60% of buyout loans and 40% CMBS,
a person familiar with the situation.
The plan, the first of its
kind among major Wall Street houses, puts focus squarely back to Credit
Suisse's investment bankers, for whom the new system could potentially
become lucrative. However, some employees were said to be enraged at
the idea, saying they could potentially incur losses if tax is levied
on the book value of the assets.
Credit Suisse's payout plan
comes against a backdrop of scathing shareholder criticism of bonuses,
and as many banks such as UBS AG and Morgan Stanley move to restrict
payouts. Countless top bank executives, including Credit Suisse Chief
Executive Brady Dougan and investment banking head Paul Calello, have
voluntarily waived bonus payments for 2008.
"We also have to
strike the right balance between the interests of our shareholders and
our employees," Credit Suisse's top management said in the memo,
alluding to outcry among investors.
Credit Suisse is also
introducing a so-called clawback, which gives the bank the right to
repossess cash paid out should the employee choose to leave.
The
pay crackdown comes as Credit Suisse dramatically scales back
investment banking and risk-taking in favor of private banking, or
money-management for wealthy individuals. Earlier this month, the bank
said it will lay off over 10% of its overall work force after incurring
a net loss of three billion Swiss francs in the first two months of the
fourth quarter.
The pool is seen by analysts as a savvy move to
offload some risk to its employees, Bernstein Research analyst Dirk
Hoffmann-Becking said.
"It's a clever move in my opinion because
Credit Suisse gets a risk buffer, but the employees also have
significant upside because the securities are massively undervalued,"
Hoffman-Becking said. He rates Credit Suisse at marketperform with a 37
Swiss francs target.
Credit Suisse's leveraged loans and CMBS represent the biggest risky positions it holds.
At
the end of September, the bank held 12.8 billion Swiss francs in CMBS,
and 11.9 billion Swiss francs in leveraged loans. The loan figure has
since shrunk to roughly $3 billion because the bank won't have to cough
up funding for the planned merger of Huntsman Corp. and Hexion
Specialty Chemicals Inc., which has been called off.
Write to Katharina Bart at katharina.bart@dowjones.com
[此贴子已经被作者于2008-12-19 8:24:03编辑过] |
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发表于 2008-12-19 08:22:00
