Credit Suisse Investment Bankers Set to Take Home Higher Bonuses

CFO Mathers says overall bonus pool declined 7% for 2020
CEO Gottstein says other divisions had flat-to-lower bonuses

Credit Suisse Group CEO Thomas Gottstein says the bank is at the start of a “new growth phase.”(Source: Bloomberg)

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By Patrick Winters

February 18, 2021 at 6:49 AM UTC

Updated on

February 18, 2021 at 10:00 AM UTC

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Credit Suisse Group AG’s investment bankers are set for higher bonuses, with those in other divisions likely to see flat or lower payments after the overall pool for discretionary pay was cut.

The Swiss bank -- which posted a fourth quarter loss of 353 million francs ($393 million) after hits related to U.S. legal cases and a hedge fund impairment -- reduced the bonus pool by about 7% for last year, Chief Financial Officer David Mathers said on a conference call. Payments will be better-than-expected for some bankers, after Bloomberg had previously reported that Credit Suisse was considering reducing the pool by at least 10%.