The good news is that the Swiss bank decided to pay employee bonuses for 2008. The bad news is that they decided to pay them with illiquid leveraged loan and CMBS debt that no-one else will touch with a bargepole.
In something of an understatement, investment banking chief executive officer Paul Calello admitted in an internal memo that the solution “might not be ideal for everyone”. But the bank should be commended for its fresh approach to the concept – making bonuses something that employees actually want to receive is just so last year.
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