Swiss bank EFG International has told its client advisors that 25 per cent of their bonuses will be paid in restricted stock options rather than cash - a move which the bank says is intended to underline its long-term strategy, rather than save money.

“At EFGI, we feel that our focus, and that of CROs, has always been on building sustainable business over the long term - continuity of strategy, business model based on private banking/relationships, and no sales targets. In light of events, we felt it appropriate to underline our long-term approach by clearly linking part of CRO bonuses to the long-term performance of the business,” an EFGI spokesperson told WealthBriefing.

EFGI’s CROs are paid a bonus in the region of 20 per cent of their profit contribution in addition to their salaries.

In its 2008 results statement, EFGI announced intentions to recruit a further 1,000 clients advisors by the end of 2010, an increase of 38 per cent on last year’s headcount.

While EFG has not overtly trimmed this target, the bank’s spokesperson emphasised that the bank would be “focusing resolutely on quality” and would adjust its recruitment to take account of overall business performance.

Headquartered in Zurich, EFG International's group of private banking businesses currently operates in 55 locations in over 30 countries, with a global headcount of around 2,500 employees.