Credit Suisse cuts bonuses following Archegos loss
Credit Suisse Group AG has cut bonuses for its staff by hundreds of millions of dollars after it lost $4.7 billion from the collapse of hedge fund Archegos Capital, the Financial Times reported on Monday.
The Swiss bank’s pre-tax income for the first quarter was
expected to be just over $3.7 billion, with about $600 million achieved through
reductions to staff bonus and other one-off items, the newspaper said, citing
people briefed on the bank’s performance.
Credit Suisse did not immediately respond to a Reuters
request for comment.
The magnitude of bonus cuts will be revealed with the
company’s quarterly results next week, the FT report added.
Switzerland’s second-biggest bank has been reeling from its
exposure to the collapse first of Greensill Capital and then Archegos Capital
Management within the course of a month.
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