Credit Suisse is considering a 50% cut to its overall 2022 bonus pool, Bloomberg News reported Wednesday, as the Swiss bank attempts to revive its fortunes after scandals and heavy losses.
The bank declined to comment on the report.
It cut its 2021 bonus pool by 32% after reporting a full year loss. Its overall variable compensation pool fell to 2 billion Swiss francs ($2.17 billion) as the bank reduced regular deferred awards but sweetened pay for senior bankers by a surge in upfront cash and a one-off bonus.
Credit Suisse has been battered by mishaps, including a $5.5 billion loss on U.S. investment firm Archegos. It also had to freeze $10 billion worth of supply chain finance funds linked to insolvent British financier Greensill.
Last month it successfully completed the final part of its 4 billion Swiss franc ($4.28 billion) fund raising and said its liquidity levels had been boosted.
($1 = 0.9231 Swiss francs)
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