A Credit Suisse bonus scheme that gives more upfront cash to senior bankers in a bid to retain talent comes with a sting in the tail — anyone who quits within three years has to pay back the full amount.

But as the Swiss bank embarks on a cost-cutting programme that will see 9,000 jobs stripped out by 2025, there is some reassurance for dealmakers — laid-off bankers will not have to return their bonuses.

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Credit Suisse’s laid-off bankers will not face bonus clawbacks

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