Credit Suisse Cuts Bonuses 50% as Executive Board Takes Zero
- Bank cutting pool while planning special bonus for top staff
- Bank needs to motivate bankers while not angering shareholders
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Credit Suisse Group AG cut the bonus pool for 2022 by about half and said the management board took nothing after the Swiss lender’s worst year since the financial crisis.
While senior employees such as managing directors and directors bore the brunt of the declines, they also received a cash award which can be clawed back if they leave the firm within three years, as well as a regular deferred share-based award.