Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
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Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
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Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#2Credit Suisse is in free-fall. Down 83% in fixed income sales and trading. Down 95% in equities sales and trading. Down by half in M&A. On trial for cocaine dealing.
A bank losing all its income and going down in a criminal probe into a coke dealer. It'd be a good SNL skit if there weren't so many lives on the line.
It's amazing a bonus pool exists at all.
Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#3This article needs layoffs, is there a TLDR?
Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#4They're talking in percentage terms because you'd be shocked if they were talking cash.
Traders get million pound bonuses. or more. Goodness knows what a bonus is worth, but I'd be extremely happy with 50% of whatever it is.
It might seem odd to be paying bonuses at all, but to be fair, mega bonuses are part of the culture of share trading and if you have no bonuses then you have no traders, they'll go elsewhere.
Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#5So, is Credit Suisse considered "too big to fail?" If no, are there any ramifications if it were to collapse? It seems like the writing has been on the wall for a while now, so I would hope preparations have been made and it would not be catastrophic, but it's honestly a little crazy to see a ~170 year old institution getting this close to shuttering.
Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#6Credit Suisse is in free-fall. Down 83% in fixed income sales and trading. Down 95% in equities sales and trading. Down by half in M&A. On trial for cocaine dealing. A bank losing all its income and going down in a criminal probe into a coke dealer. It'd be a good SNL skit if there weren't so many lives on the line. It's amazing a bonus pool exists at all.
Could they potentially collapse? Or are they too big to fail as well? Not sure how it works when it comes to non-US megabanks.
Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#7They're talking in percentage terms because you'd be shocked if they were talking cash. Traders get million pound bonuses. or more. Goodness knows what a bonus is worth, but I'd be extremely happy with 50% of whatever it is. It might seem odd to be paying bonuses at all, but to be fair, mega bonuses are part of the culture of share trading and if you have no bonuses then you have no traders, they'll go elsewhere.
Colleague worked in the London office at Credit Suisse and all exotic car dealerships had cars lined up for sale outside the office on bonus day in early 2000s.
Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#8Credit Suisse is in free-fall. Down 83% in fixed income sales and trading. Down 95% in equities sales and trading. Down by half in M&A. On trial for cocaine dealing. A bank losing all its income and going down in a criminal probe into a coke dealer. It'd be a good SNL skit if there weren't so many lives on the line. It's amazing a bonus pool exists at all.
Could they potentially collapse? Or are they too big to fail as well? Not sure how it works when it comes to non-US megabanks.
Too Big To Fail. Swiss government will prop them up.
https://www.reuters.com/business/finance/swiss-govt-proposes...
Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#9Credit Suisse is in free-fall. Down 83% in fixed income sales and trading. Down 95% in equities sales and trading. Down by half in M&A. On trial for cocaine dealing. A bank losing all its income and going down in a criminal probe into a coke dealer. It'd be a good SNL skit if there weren't so many lives on the line. It's amazing a bonus pool exists at all.
Could they potentially collapse? Or are they too big to fail as well? Not sure how it works when it comes to non-US megabanks.
They will collapse sooner rather than later and the gov has to save them
Re: Credit Suisse confirms 50% bonus cut, Zero for Exec, amid terrible results
#10So, is Credit Suisse considered "too big to fail?" If no, are there any ramifications if it were to collapse? It seems like the writing has been on the wall for a while now, so I would hope preparations have been made and it would not be catastrophic, but it's honestly a little crazy to see a ~170 year old institution getting this close to shuttering.
It’s a source of pride for the Swiss, and hence Swiss government won’t let it fail no matter how poorly it’s managed.