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Credit Suisse to pay upfront bonus to top staff -Bloomberg

Credit Suisse to pay upfront bonus to top staff -Bloomberg
Credit Suisse to pay upfront bonus to top staff -Bloomberg Copyright Thomson Reuters 2023
Copyright Thomson Reuters 2023
By Reuters
Published on Updated
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ZURICH - Credit Suisse Group AG will pay upfront bonuses to its senior bankers this year, Bloomberg reported on Wednesday, citing an internal memo it said it had seen.

Managing directors and directors in most locations will be paid the cash component of their variable 2022 compensation straight away, the news agency said, as the under-fire Swiss bank battles to hang on to valued staff.

A spokesperson for the bank declined to comment.

Credit Suisse has been battered by mishaps, including a $5.5 billion loss on U.S. investment firm Archegos, and had to freeze $10 billion worth of supply chain finance funds linked to insolvent British financier Greensill.

Last month it successfully completed the final part of a 4 billion Swiss franc ($4.28 billion) fundraising and said its liquidity levels had been boosted.

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