Credit Suisse is considering a 50% 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 betweenThey said the drop is a consequence of last year's sharp slowdown in mergers and stock offerings as debt financing markets collapsed and stock market volatility hurt valuations.
Credit Suisse's variable compensation pool for 2021 - at a time when the industry as a whole was handing out thesince 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. Discussions were, however, not yet finalised and could still change, it added.
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