ZURICH (Reuters) - Credit Suisse
The 5,500 senior bankers who were offered the scheme in 2012 may now choose between two replacement plans, according to extracts of a memo seen by Reuters on Tuesday.
The first is a seven-year program linked to the performance of a portfolio of positions Credit Suisse is exiting. The second is contingent convertible (CoCo) instruments, which are wiped out if the bank's capital falls below a certain level.
Credit Suisse's strategy of paying its employees a portion of bonuses in sometimes risky assets has not only proved lucrative to some recipients, it has also helped cut its exposure to $17 billion worth of loans and deals.
Credit Suisse has yet to disclose its total bonus pool. Crosstown rival UBS
(Reporting by Oliver Hirt; Writing by Alice Baghdjian; Editing by Mark Potter)