The reported move comes as Credit Suisse presses on with efforts to revive its fortunes after a series of scandals and heavy losses
Credit Suisse is considering a 50 per cent cut to its 2022 bonus pool, Bloomberg News reported on Wednesday, as the Swiss bank presses on with efforts to revive its fortunes after a series of scandals and heavy losses.
Chopping that in half again for 2022 would put the Swiss bank at the sharp end of expected industry-wide bonus cuts of between 30 per cent and 50 per cent in London and New York, according to recruiters canvassed by Reuters. Credit Suisse’s variable compensation pool for 2021 – at a time when the industry as a whole was handing out the biggest awards since 2006 as the economy roared back from COVID-19 – fell to 2 billion Swiss francs as the bank cut regular deferred awards but sweetened pay for senior bankers Bloomberg, citing people familiar with the matter, said outcomes for 2022 were likely to diverge widely, with some employees likely to receive no bonus at all.
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