Credit Suisse to Cut Bonuses 40% This Year, Der Sonntag Reports

Dec. 18 (Bloomberg) -- Credit Suisse Group AG will reduce bonuses for its employees by 40 percent this year, Der Sonntag reported, citing people familiar with the situation that it didn’t identify.

Bonuses will be cut to 3 billion Swiss francs ($3.2 billion) from 5.05 billion francs last year, the report said.

The newspaper said UBS AG might cut its bonuses this year as well, without citing anyone.

A Credit Suisse spokesman declined to comment.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net