Credit Suisse has irked dealmakers in Europe by offering new, lucrative retention packages only to bankers in the US and Asia.

The Swiss bank is rolling out a new round of bonuses to key staff to prevent a raft of defections as it continues to overhaul its strategy in the wake of a quarterly loss of $1.7bn in the three months to the end of June.

While Credit Suisse is ramping up for a fresh round of cost-cutting, it is also offering bonuses to some dealmakers and executives within its wealth management unit to hold onto key staff, according to Bloomberg.

In data accompanying its second-quarter results, Credit Suisse said that it spent CHF207m ($218m) in the three months to the end of June on “deferred fixed cash compensation” that will vest over the next three years. However, the awards were only available to “certain employees in Asia and the Americas”.

“It was already selective, which was annoying. But now they’re only being directed towards the markets it is looking to grow,” said one London-based dealmaker.

READ Credit Suisse memo to bankers: Your bonus will be in cash. But if you leave, pay us back

This is the second time in two years that the bank has offered such retention packages. Last year, dealmakers told Financial News that the selective basis on which they were awarded was causing rifts among other bankers. Now, investment bankers told FN that the European business was being excluded from the latest round of perks.

Bloomberg reported that one Credit Suisse banker focused on financial institutions in the US was offered a $10m package, which would make them better paid than the bank’s CEO.

Credit Suisse has lost around 70 dealmakers since it unveiled its ties with collapsed family office, Archegos Capital, which resulted in a $5.5bn loss. The bank has been actively recruiting, however, bringing in around 60 people over the past year, while also offering packages to slow departures.

READ Credit Suisse bankers say they want out: ‘More people than ever’ looking to exit

While rivals have cut back pay in their investment banking units so far this year, Credit Suisse increased compensation costs in the unit by 11% to CHF2.2bn.

To contact the author of this story with feedback or news, email Paul Clarke

Cap Expand Partners sharing news from: