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Credit Suisse Cuts Bonus Pool by 10% After Regulator Pushback

  • Bonuses drop after Swiss watchdog Finma rejected initial plans
  • Lender also asked staff to sign clawback clauses for cash part
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Credit Suisse Bonus Pool Reduced on Regulatory Pushback

Credit Suisse Group AG is cutting its 2021 bonus pool by about 10% after Swiss regulators pushed back on higher pay following the bank’s worst year since the financial crisis, people with knowledge of the matter said.

The Swiss lender was forced to reverse plans to boost variable compensation after financial markets watchdog Finma asked the bank to consider significant reductions to the pool, the people said, asking not to be identified discussing internal matters. The final overall bonus number may still vary slightly and individual pay will depend on the business unit, they said.