This is diametrically opposed to the perceptions around pay at Credit Suisse this year. As Credit Suisse undergoes both internal and external reviews following its $5.4bn in losses relating to Archegos and its embroilment in Greensill Capital's collapse (which could see clients losing $3bn), the fear is that it will be in no position to pay its people in 2021, irrespective of how well they perform. It doesn't help that in the first quarter of 2021, losses in Credit Suisse's investment bank exceeded profits for the entirety of last year, or that compensation spending per head was down 17% year-on-year in the first quarter, or that high earners at CS already had their pay squeezed in 2020.