Credit Suisse slashes bonuses after disastrous year
Credit Suisse bank has cut staff bonuses by half, with none being awarded to top managers, following a CHF7.3 billion ($8 billion) loss last year.
Group bonuses have been cut in half to CHF1 billion with senior management having already communicated they would not receive performance related pay.
+ Where did it all go wrong for Credit Suisse?
CEO Ulrich Körner, who was promoted from his previous role as head of asset management in August, took home CHF2.5 million in 2022.
His predecessor, Thomas Gottstein, had been awarded CHF3.8 million in 2021.
Chair Axel Lehmann was the highest paid board member, receiving CHF3.2 million out of CHF10.4 million awarded to the entire board.
Shareholders at next month’s annual general meeting will be asked to vote through a maximum compensation package of CHF13 million for the board for the coming year.
+ The financial fallout of a disastrous year
Top executives would receive a maximum CHF34 million, if approved, plus a CHF30 million ‘Transformation Award’ if the bank reaches strategic turnaround targets.
Last October, the bank announced plans to slash thousands of jobs and sell off parts of its investment banking business.
Shareholders will not be asked to discharge the board and managers of their responsibilities relating to the bank’s disastrous business links to Greensill Capital.
This is due to ongoing legal issues surrounding the collapsed supply chain financing firm.
The bank published its annual report on Tuesday several days late after United States regulators questioned some figures.
As a result of the delay, Credit Suisse admitted that its “internal control over financial reporting was not effective” at spotting errors in its financial statements.
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.