Credit Suisse cuts bonuses following Archegos loss

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

The Swiss bank's pre-tax income for the first quarter was expected to be just over US$3.7 billion, with about US$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.

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.

REUTERS