Report - C Suisse may need to cut bonuses by up to 60%


Bloomberg News reports that Credit Suisse may need to cut bonuses by as much as 60% this year because of losses incurred by a writedown, according to calculations made by Schweiz am Sonntag.

CEO Tidjane Thiam wants to substantially write down assets following the acquisition of investment bank Donaldson, Lufkin & Jenrette in 2000. Impairment charges on $6.3bn in legacy assets could lead to an annual loss of $2.6bn - to $2.8bn, the newspaper reported.

The bank may thus need to slash bankers’ bonuses by as much as 60%, in accordance with rules set by the Swiss Financial Market Supervisory Authority, or Finma, according to the newspaper. The supervisor requires financial institutions to cut bonuses in case of financial loss.

Hit the link below to access the complete Bloomberg News article:

Credit Suisse May Cut Bonuses by 60% After Writedown, SamS Says

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