TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Submission Guidelines

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    LeadersSpeak
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Credit Suisse slashes bonus pool, blames 2021 losses

News • 14th Feb 2022 • 1 Min Read

Credit Suisse slashes bonus pool, blames 2021 losses

Compensation & Benefits

Author: Mint Kang Mint Kang
5.3K Reads
After taking a US$4.7 billion hit in the Archegos collapse last year, Credit Suisse cut back its investment banking business, and bonuses have tumbled likewise.

Just a month after the big Wall Street investment banks made headlines with enormous bonus payouts and even massive stock awards programmes to attract and retain talent, Credit Suisse is standing out from the crowd - for slashing its bonus pool by nearly one-third.

In its 2021 financial results released last week, the Swiss multinational revealed that its variable compensation pool was down by 32% for 2021, primarily because its investment banking arm has been making huge losses. Last year, Credit Suisse's investment banking business lost 3.7 billion francs (US$4 billion), with nearly half of this loss incurred in the fourth quarter of 2021 alone. As a result, compensation spending in the investment bank was cut by 12%, the highest reduction across all of Credit Suisse's businesses.

The decline was partly due to major losses, including the US$4.7 billion loss the bank suffered when Archegos collapsed, and partly due to an executive decision to cut back on the investment banking business because of those losses. Then-chairman António Horta-Osório said last November that Credit Suisse would be focusing more heavily on risk management.

The drop in the bonus pool comes just weeks after Credit Suisse announced that it would be paying a higher proportion of its bonuses in cash, apparently to try and retain senior staff amid a wave of inter-bank talent poaching. Those upfront cash awards were handed out to senior bankers earning US$250,000 and above, with the caveat that if they left within three years after receiving the bonus, the bank would claw back part of it. 

Read More

Did you find this article helpful?


You Might Also Like

Credit Suisse staff prepare to sue Swiss regulator

NEWS • 24th May 2023 • 1 Min Read

Credit Suisse staff prepare to sue Swiss regulator

Compensation & BenefitsEmployee Relations#HRCommunity#HRTech
Australians expect salary increase in 2023

NEWS • 23rd May 2023 • 2 Min Read

Australians expect salary increase in 2023

Compensation & Benefits
Scoot rewards employees with salary bonuses

NEWS • 22nd May 2023 • 2 Min Read

Scoot rewards employees with salary bonuses

Compensation & BenefitsBenefits & Rewards#HRCommunity#HRTech
NEXT STORY: Tesla sued over allegations of tolerating racial discrimination

Trending Stories

  • design-thinking-hr

    Amazon to Walmart: 12 firms that restricted employee use of ...

  • design-thinking-hr

    CEO Musk encourages layoffs in tech industry, drawing from T...

  • design-thinking-hr

    Leaked Q&A unveils Zuckerberg's bittersweet goodbye as Meta'...

  • design-thinking-hr

    Top 3 mistakes global companies make when onboarding employe...

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Submission Guidelines

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.