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Apollo Global Offers Bonuses to Retain Associates

After several associates departed Apollo Global, the PE firm is looking to retain talent by paying bonuses, a media report says.
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Apollo Global Management  (APO)  is reportedly offering six-figure bonuses to some of its associates keep them from leaving the private equity firm.

The New York firm will make the payments, varying from $100,000 to $200,000, in April, Bloomberg reported, citing a person familiar with the situation.

In exchange, associates must agree to stay at the firm through September 2022.

Shares of the New York company at last check were down 2.3% to $47.98.

The offer comes after several associates departed Apollo during the pandemic. The PE team has been taking advantage of opportunities coming out of the crisis.

Last week, Bloomberg reported that Apollo would grant its employees worldwide the option to work remotely two days out of the week for the rest of 2021.

A company spokeswoman told Bloomberg that "our private equity business has and continues to be extremely active."

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On Monday, the call-center operator and tech-hardware distributor Synnex  (SNX)   agreed to merge with Apollo Global's Tech Data unit in a deal valued at $7.2 billion including debt.

Tech Data is the Clearwater, Fla., technology distributor for companies like Apple  (AAPL)  and Cisco  (CSCO) . Apollo acquired Tech Data in 2020 in a deal valued at about $6 billion.

Separately, Credit Suisse executives reportedly told mid- and entry-level investment bankers Wednesday that they were getting special $20,000 bonuses in the second quarter, CNBC said. People below the managing director level can expect salary increases as well, the station reported.

Junior investment bankers at Goldman Sachs  (GS)  also complained about burnout, according to an internal survey, citing 100-hour work weeks and demanding bosses.

In addition, investment bank Jefferies told its analysts and associates that they could choose gifts, including Peloton  (PTON)  exercise machines and Apple  (AAPL)  products

Citigroup  (C) CEO Jane Fraser implemented a ban on Zoom  (ZM)  video calls on Fridays as part of an initiative to ease stress on employees of the financial giant.

The move will be called Zoom-Free Fridays, Fraser wrote in a memo sent to more than 200,000 workers at Citi, Financial News reported.