Credit Suisse Chair Warns on Bonuses After ‘Horrifying Year’ (1)

Credit Suisse Group AG Chairman Axel Lehmann warned employees should brace for bonus cuts as the Swiss lender embarks on a painful and costly turnaround after a grim year that forced it to tap shareholders for fresh funds.

“It was a horrifying year for Credit Suisse,” Lehmann said in an interview with Bloomberg TV at the World Economic Forum in Davos. “So I think people will have realistic expectations that it will not look great” for bonuses.

Bloomberg reported earlier this month that Credit Suisse is considering cutting the bonus pool for 2022 by about half, as the bank is …