Credit Suisse cuts bonuses following Archegos loss – FT

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann//File Photo/File Photo

(Reuters) -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, according to the report, which cited people briefed on the bank’s performance. (on.ft.com/2OOE5PW)

A Credit Suisse spokesperson declined to comment.

The magnitude of bonus cuts will be revealed with the company’s quarterly results next week, the FT said.

Switzerland’s second-biggest bank has been reeling from its exposure to the collapse first of Greensill Capital and then Archegos Capital within the course of a month.

Source: Read Full Article