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SWITZERLAND Credit Suisse cuts bonus pool

January 14 2013 at 08:00am

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Credit Suisse would reduce its bonus pool for last year by 20 percent to about Sf2.3 billion (R22bn), the fourth consecutive year the Swiss bank has cut payouts, a newspaper reported yesterday. Citing unnamed sources, Der Sonntag said the 20 000 staff of Credit Suisse’s investment bank had been allocated significantly more than Sf1bn, while the 14 000 staff of the private bank would get between Sf400 million and Sf500m. The bank was axing jobs as it sought to make Sf4bn of cost savings by 2015, the newspaper said. Credit Suisse paid Sf3bn in bonuses in 2011 and Sf5bn in 2010. – Reuters


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