Credit Suisse cuts bonuses following Archegos loss - FT - Metro US

Credit Suisse cuts bonuses following Archegos loss – FT

FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Zurich

(Reuters) -Credit Suisse Group AG has cut bonuses for its staff by hundreds of millions of dollars after it lost $4.7 billion from the collapse of hedge fund Archegos Capital, the Financial Times reported on Monday.

The Swiss bank’s pre-tax income for the first quarter was expected to be just over $3.7 billion, with about $600 million achieved through reductions to staff bonus and other one-off items, according to the report, which cited people briefed on the bank’s performance. (https://on.ft.com/2OOE5PW)

A Credit Suisse spokesperson declined to comment.

The magnitude of bonus cuts will be revealed with the company’s quarterly results next week, the FT said.

Switzerland’s second-biggest bank has been reeling from its exposure to the collapse first of Greensill Capital and then Archegos Capital within the course of a month.

(Reporting by Ann Maria Shibu in Bengaluru; additional reporting by Akriti Sharma; Editing by Devika Syamnath and Shounak Dasgupta)

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