Wall Street Bankers in Switzerland Seek Pay Bump on Franc Surge

Bankers at Wall Street firms based in Switzerland are asking their bosses in New York for higher compensation ahead of the upcoming bonus season, as the franc’s surge threatens to wipe out more than a 10th of their pay for this year.

Staff in Switzerland working for US banks are more sensitive to exchange rate impacts as their compensation is more often calculated in dollars, according to people familiar with the matter. That’s led deal-makers in Zurich and Geneva to argue for at least some of their pay to be adjusted before performance and other factors are taken into account, the people said, who asked not to be named discussing private details.