Europe Bankers Set to Lose $2.5 Billion of Bonuses in Stock Rout
Investment bankers at Europe’s securities firms have been watching their bonuses decline. A rout in financial stocks this year has wiped more than $2.5 billion from the value of deferred shares that were paid as bonuses in the past few years at Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG and UBS Group AG.
“Awards for staff at Credit Suisse have plunged by more than 1.2 billion Swiss francs ($1.2 billion).”
Awards for staff at Credit Suisse have plunged by more than 1.2 billion Swiss francs ($1.2 billion) on a 42 percent drop in shares this year. Bonuses have fallen across Wall Street’s largest firms as revenue shrank.
About Credit Suisse
Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.
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