ZURICH (dpa-AFX) - Swiss lender Credit Suisse Group (CS) slashed bonuses for its executive managers by 64 percent in fiscal 2021 amid sharply wider net loss in its fourth quarter, negatively impacted by the Archegos Capital Management.
Chief Executive Thomas Gottstein's compensation declined 43 percent to 3.8 million Swiss francs last year.
The bank also canceled long-term incentives.
Compensation Committee Chair Kai Nargolwala said in a letter, 'The Compensation Committee considered that it was important to emphasize leadership accountability. As a result, Executive Board members had one full year of variable compensation cancelled. This equated to lost compensation for the Executive Board of more than 40 million Swiss francs.'
Separately, Credit Suisse said Russia net credit exposure was 848 million francs as of December 31, 2021. Russia exposure includes derivatives and financing at the investment bank.
The company added that its market risk exposure to Russia as of March 9, 2022 is not significant.
As a matter of principle and policy, Credit Suisse said it applies all sanctions, in particular those issued by the EU, the United States and by Switzerland.
In Switzerland, Credit Suisse shares were trading at 6.96 francs, down 2.16 percent.
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