Credit Suisse handed out 447m Swiss francs ($493m) in retention awards to staff in 2023, more than in the previous two years, as it was acquired by its arch-rival UBS.

The bank granted close to $500m in deferred cash and share awards in a bid to retain key staff, it said in its annual report published on 28 March. This is up from CHF355m awarded in 2022 and CHF395m handed out a year earlier as Credit Suisse battled an exodus of employees amid a series of crises. It did not specify how many employees received the bonuses in 2023.