Credit Suisse CEO Tidjane Thiam joined hosts Stephanie Ruhle and David Westin on Bloomberg TV's new flagship morning program Tuesday, Bloomberg GO, where he responded to a Swiss newspaper report on bonus cuts.
On whether the Swiss media report that Credit Suisse may cut bonuses as much as 60% is true, Thiam said: 'The short answer is no. That's a very speculative story and I just won't comment on that…Bonuses will be set at the end of the year'.
Thiam also said he sees the risk of a 'traumatic event' in global markets once the current period of low interest rates comes to an end: 'It’s quite likely that there will be at the end of all this period a relatively traumatic event… we have to position ourselves quite defensively'.
He added: 'Every time you see in markets, when you go from a high-rate environment to a low-rate environment or from a low to a high-rate environment, experience shows that a number of people are caught unprepared. That is likely to happen again'.