Credit Suisse prepares to cut bonus payments by 50 percent

Swiss banking giant Credit Suisse Group AG reportedly plans to cut bonus payments in half for 2022.

Credit Suisse Group is closing a tough year following the loss announcement in a row.

Credit Suisse, which has been struggling with various scandals for years, announced in October that it would sell 4 billion Swiss francs ($ 4 billion) shares as part of the restructuring, lay off thousands of jobs and shift its focus from investment banking to more stable asset management.

According to the news Bloomberg based on sources close to the bet, the Swiss banking giant, which has had troubled days, is expensive to reduce bonus payments by approximately half for 2022.

Sources stated that the company is preparing to make even tougher cuts in variable bonus payments following the 32 percent drop for 2021.

The said sources also said that there is a high probability that some employees will not receive any bonuses for the past year. Credit Suisse declined to comment on bonus payouts.

Aiming to reduce its costs by 2.5 billion Swiss francs by 2025, the bank plans to reduce its workforce by approximately 9 thousand to 43 thousand by the end of 2025. The company calculates that the restructuring will cost 2.9 billion Swiss francs by the end of 2024.