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Credit Suisse Group is planning to keep the impact of the pandemic on business in mind while deciding bonuses for this year. The result is unlikely to be in favor of employees. The news was reported by a Swiss newspaper Schweiz am Wochenende.
The article quoted the company’s departing chairman Urs Rohner saying, “The pandemic is certainly a factor that will be taken into account when determining the variable compensation. Bonuses should reflect performance, and here the pandemic is a factor that plays a role". He added, "It is obvious that after such a year you will not see record bonuses."
Rohner also mentioned that the company will take final decision post full-year 2020 results.
Recently, other Wall Street banks too disclosed plans for 2020 bonuses. Supported by an impressive trading performance during the year, JPMorgan (JPM - Free Report) plans to boost compensation for its sales and trading division by up to 20%. For the rest of the company, payouts are expected to decline and the average year-end bonus pool for JPMorgan is likely to be lower than that in 2019.
Bank of America’s (BAC - Free Report) senior executives are planning for year-end bonuses similar to the previous year.
Also, Rohner hinted of a possible merger with its peer UBS Group (UBS - Free Report) and said the deal not to be “unreasonable” and might in fact be beneficial. The merger of the two Switzerland-based companies could lead to creation of one of the largest banks in Europe.
Notably, approval for such a merger could be hard to get, and also the companies would have to go through tough regulatory scrutiny.
Credit Suisse’s restructuring initiatives in order to invest in profitable areas to better serve clients are encouraging. However, the top line remains under pressure due to persistent negative interest rates in the domestic economy.
Shares of Credit Suisse have gained 20.6% over the past six months compared with the industry’s growth of 15.3%.
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Credit Suisse's (CS) 2020 Bonus Level Might Decline Y/Y
Credit Suisse Group is planning to keep the impact of the pandemic on business in mind while deciding bonuses for this year. The result is unlikely to be in favor of employees. The news was reported by a Swiss newspaper Schweiz am Wochenende.
The article quoted the company’s departing chairman Urs Rohner saying, “The pandemic is certainly a factor that will be taken into account when determining the variable compensation. Bonuses should reflect performance, and here the pandemic is a factor that plays a role". He added, "It is obvious that after such a year you will not see record bonuses."
Rohner also mentioned that the company will take final decision post full-year 2020 results.
Recently, other Wall Street banks too disclosed plans for 2020 bonuses. Supported by an impressive trading performance during the year, JPMorgan (JPM - Free Report) plans to boost compensation for its sales and trading division by up to 20%. For the rest of the company, payouts are expected to decline and the average year-end bonus pool for JPMorgan is likely to be lower than that in 2019.
Bank of America’s (BAC - Free Report) senior executives are planning for year-end bonuses similar to the previous year.
Also, Rohner hinted of a possible merger with its peer UBS Group (UBS - Free Report) and said the deal not to be “unreasonable” and might in fact be beneficial. The merger of the two Switzerland-based companies could lead to creation of one of the largest banks in Europe.
Notably, approval for such a merger could be hard to get, and also the companies would have to go through tough regulatory scrutiny.
Credit Suisse’s restructuring initiatives in order to invest in profitable areas to better serve clients are encouraging. However, the top line remains under pressure due to persistent negative interest rates in the domestic economy.
Shares of Credit Suisse have gained 20.6% over the past six months compared with the industry’s growth of 15.3%.
Currently, the company has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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