Credit Suisse cuts bonuses for executives by 36% in wake of first annual loss since 2008

Hot on the heels of today’s announcement by Credit Suisse Group AG (ADR) (NYSE:CS) that it has made a loss for the first time since 2008, the firm now has confirmed that it is to cut bonuses for its investment banking executives by 36%. CEO Tidjane Thiam has explained to analysts that the firm’s investment […]

Hot on the heels of today’s announcement by Credit Suisse Group AG (ADR) (NYSE:CS) that it has made a loss for the first time since 2008, the firm now has confirmed that it is to cut bonuses for its investment banking executives by 36%.

CEO Tidjane Thiam has explained to analysts that the firm’s investment banking division will be most affected by the bonus cut, whereas across the entirety of the bank’s operations, bonuses were reduced by 11%.

As part of a widespread cost-saving program, Credit Suisse has not only reduced bonuses but has also announced its intention to cut 4,000 jobs, including employees, contractors and consultants.

Credit Suisse is one of the largest interbank FX dealers in the world, with its prominence in Asia giving it the accolade of being the largest foreign broker by market share across seven regions, however its market share in the FX market globally has fallen substantially during recent times, with the firm now being in 12th place worldwide in terms of volume.

Earlier today, it was reported that the bank had made an annual loss of £1.65 billion, causing its share price to collapse during the course of today’s morning trading session.

Read this next

Digital Assets

Zumo launches B2B ‘Crypto-as-a-Service’ solution for brokers

The new product, Zumo Enterprise, also features an embedded ESG and net zero strategy.

Technology

Top Tools to Add to Your Trading Platform to Delight and Retain Traders

The online trading boom that started during the pandemic-led lockdowns is abating. This is in part due to sustained market volatility which seems to be discouraging new investors. For example, day trading volumes in the US for retail investors declined in the last 2 quarters of 2021.  

Technology

Embedded finance platform Alviere taps Marqeta for branded card issuance in Europe and UK

Alviere has recently raised $70 million to fuel the ongoing expansion across the European region and the United Kingdom.

Retail FX

Overcharts partners with dxFeed for CME Group Market Depth

“More and more traders are using Market Depth while conducting volume analysis. Its primary function is to help traders identify potential support and resistance levels.”

Digital Assets

CoinGecko expands collaboration with CER.live security rating

CoinGecko, one of the earliest crypto data aggregators, has integrated the security score data from the CER.live rating. The trust assessments given to crypto projects will be integrated into their pages on CoinGecko website to draw users’ attention to the importance of security.

Metaverse Gaming NFT

Klaytn taps Parity Technologies to build infrastructure for Klaytn-Substrate

Klaytn has initiated a collaboration with blockchain infrastructure company Parity Technologies to strengthen its tech stack and meet the demands of enterprises looking to harness the crypto technology.

Retail FX

US Retail FX brokers suffer steep fall in client deposits, Trading.com racked up $46K

Retail FX deposits at US brokerages, which have been struggling to eke out a profit in a strict regulatory environment, dropped in March 2022 by $35 million, CFTC data showed.

Retail FX

eToro supports Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI)

Israeli social trading network eToro has added support for trading three new tokens. Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI) are the next coins to join eToro’s list of featured digital assets.

Executive Moves

LiquidityBook hires Fintech veteran Jonathan Cross to lead EMEA business

LiquidityBook, a provider of FIX and OMS trading solutions for both the buy and sell-side, has added Jonathan Cross to its business team for the EMEA region.

<