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Credit Suisse Gives Special Award to Cushion Steep Bonus Cut

  • One-time stock award given to most managing directors
  • Regular bonus pool was slashed 32% after annual net loss
Credit Suisse Ahead Of Earnings

Photographer: Gianluca Colla/Bloomberg

Updated on

Credit Suisse Group AG gave its senior bankers an additional long-term award to try to cushion the blow of a 32% cut to its regular bonus pool.

The special stock award will be given to most managing directors and directors and will depend on the bank delivering on its plans over the next three years. The one-off amounted to almost 500 million Swiss francs ($540 million), and including that award the decline in overall incentive pay was about 15% from the total for 2020.