for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Credit Suisse cuts bonuses following Archegos loss - FT

April 12 (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, the newspaper said, citing people briefed on the bank’s performance.

Credit Suisse did not immediately respond to a Reuters request for comment.

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

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

Reporting by Ann Maria Shibu in Bengaluru; Editing by Devika Syamnath

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up