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Credit Suisse sweetens deal for senior bankers with 800 million Sfr in upfront cash

Credit Suisse’s bonus pool fell 32% in 2021, the bank said on Thursday, as the bank slashed regular deferred awards following a string of scandals, but senior bankers’ pay was sweetened by a surge in upfront cash and a one-off bonus. Switzerland’s second-biggest bank said it had cut its overall variable compensation pool to 2 billion Swiss francs in 2021, as the bank reported a 1.6 billion franc loss for the year. However, senior bankers, who the bank said had “taken a higher proportionate share of the reduction in the variable compensation pool”, received 799 million Swiss francs ($865 million) in upfront cash awards, presentation slides showed.

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