Credit Suisse May Cut Bonuses by 60% After Writedown, SamS Says

Credit Suisse Group AG, Switzerland’s second-biggest bank, may need to cut bonuses by as much as 60 percent this year because of losses incurred by a writedown, according to calculations made by Schweiz am Sonntag.

Chief Executive Officer Tidjane Thiam wants to substantially write down assets following the acquisition of investment bank Donaldson, Lufkin & Jenrette in 2000. Impairment charges on 6.3 billion francs ($6.3 billion) in legacy assets could lead to an annual loss of 2.6 billion francs to 2.8 billion francs, the newspaper reported.