Credit Suisse retains, promotes Sapna Bhawnani who was due to join KKR

Friday, 24 April 2020 By Legally India In-house counsel

Credit Suisse director and head of legal Sapna Bhawnani has been promoted to head of legal for South Asia.

We had reported on 23 December 2019 that she had told Credit Suisse that she would be leaving the bank to join private equity fund KKR in early 2020, in a legal and compliance role.

However, Credit Suisse is understood to have managed to retain Bhawnani, while also promoting her to a position with a wider remit, according to her Linked-in profile.

According to her Linked-in profile update she will “supervise and coordinate General Counsel activities and act as a legal and strategic advisor for Australia, India, Southeast Asia and Southeast Asia Frontier Markets”.

She has confirmed her new designation and that she was remaining at Credit Suisse but declined to comment further after we reached out to her.

Bhawnani is reporting to the general counsel, Asia Pacific region.

Sapna (Jain) BhawnaniWork history From: Apr 2020: Head of Legal South Asia, Credit Suisse (Mumbai) Jun 2016 - Apr 2020: Director, Head of India Legal, Credit Suisse (Ceejay House) Sep 2010 - May 2016: Vice President | Senior Legal Counsel, India Legal, Deutsche Bank Jan 2010 - Sep 2010: Senior Associate, Bharucha & Partners Nov 2008 - Dec 2009: VP- Corporate Affairs, PVP Ventures Limited Nov 2006 - Oct 2008: Senior Associate, Juris Corp 2003 - 2006: Associate, Desai & DiwanjiEducation 1996 - 2001: Jai Hind College, Bachelor, Commerce 2001 - 2004: Government Law College, LLB, Legal

Comments

Deal 25 Apr 2020, 13:27

+6 -20

So how do companies retain people who blackmail to leave. Replacements should be easy. Tomorrow someone will blackmail for more money knowing if the company really needs them.

Kuchh bhi? 25 Apr 2020, 13:44

+14 -3

Blackmail? Surely, Credit Suisse would've seen some value in keeping her around. If there was no value in the increased pay that would've been required (probably), wouldn't they have just tried to find another person who can do the work? Especially considering this happened last year

Guest 25 Apr 2020, 13:44

+40 -6

Err...if a company really needs my services that much, then asking for more money, power or other perks isn't called blackmail, it's straight forward negotiation. I'm not asking it for free, nor am I threatening to reveal any corporate secret. You should really revise your legal concepts and possibly, your English vocabulary too.

0099 27 Apr 2020, 04:45

+11 -13

No employer likes this kind of strategy. Negotiation should be explicit while joining or subtle in service. Announcing a departure and then getting "persuaded" to stay back is a very foolish thing to do. By your actions you've painted a big red target on your back.

I'm guessing CS found it easier in the short term to succumb to her demands but it's a foregone conclusion that the trust is lost. I could be wrong if the departure was due to a non-money / non-promotion demand (such as relocation or maternity leave).

This is something young lawyers learn as A-3 or A-4 so it's surprising someone this senior has fallen for it. Most likely KKR decided not to withdraw the offer die to cost-cutting in this pandemic season and she had to salvage the position (but I could be wrong)

Guest 27 Apr 2020, 08:43

+10 -8

The employer persuaded her, she didn't go to them asking to be persuaded. So the choice was the former's to make. No employer would do anything unless they believe it's going to be profitable to them, so a whole lot of your points lack any support. Since you yourself confess that you have got absolutely no idea about this matter, maybe you should reserve your opinion till you actually do.

0099 27 Apr 2020, 13:58

+14 -2

I am extrapolating from what I have seen in 10 other cases. 9 of them involve exactly what I said. It goes something like this:

Employee: Boss, I didnt get XYZ bonus, ABC promotion

Boss: Sorry, reasons are ..yada yada

Employee: I dont agree, I think you are wrong / vindictive / harassing / blah blah

Employee goes to naukri.com, gets a job offer.

Employee: I resign!

Boss: (Hmm, if this one leaves now then I will waste lot of time in training / finding replacement immediately)

Boss: OK beta, I agree to your demand for XYZ / ABC, you are irreplaceable / indispensable/ yada yada

Employee: YESS !!!

Boss: (Ok, time to start looking for replacement and screw this fellow)

Guest 27 Apr 2020, 14:49

+4 -9

You do understand the concept of at-will employment, right? Supply and demand shouldn't be any different for human assets. The employer wants to retain the employee and is compelled to match their market expectations. No one is forcing anyone - it's the sign of a robust labor market.

babayaga 1 May 2020, 13:28

+1 -1

Hi,
nothing related to the above news item. I just want to know what the broad salary structure of GC and the work life dynamics. Currently, I am A0 in Tier 1 firm and worried about what to pursue in future i.e. stick to law firm or start looking for change. Any info that you would like to share will be helpful.
Thanks

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