Daily Management Review

Credit Suisse to cut bonus pool for 2022


According Bloomberg News, Credit Suisse is pondering reducing its incentive pool for 2022 by 50%. Thus, despite numerous scandals and significant losses, the Swiss bank is still working to turn around its failing operations.

Matthias Wicke
Matthias Wicke
The bank did not respond. At 11.01 GMT, the bank's shares were trading up by 2.03% to 3.120 Swiss francs. The Stoxx 600 index for all of Europe had a 0.15 percent increase in the banking sector sub-index.

In November, Credit Suisse issued a Q4 pre-tax loss forecast of up to 1.5 billion Swiss francs ($1.58 billion). A year prior, the bank reduced its 2021 bonus pool by 32% after reporting a year-over-year loss.

Recruiters told Reuters that industry-wide incentive reductions of between 30% and 50% are currently anticipated in London and New York. The Swiss bank will reach the top of that range by half its bonus pool by the end of 2022.

source: bloomberg.com