Credit suisse writedown full#

Former Chairman Antonio Horta-Osorio - brought in to lead a turnaround - left after only nine months following an internal investigation into his personal conduct. The bank has also changed chair twice since the start of 2021. Of the 12 members on its executive board, only five were already executive managers at the start of last year, with five having joined the bank since 2020 and two internal promotions. In 2021, Credit Suisse replaced more than half its executives as the scandals prompted investigations and a strategic overhaul. His pay was already cut to 6.5 million francs in 2020, from the 8.53 million the bank had proposed ahead of the Archegos and Greensill scandals.

Gottstein became CEO in February 2020 after the departure of his predecessor over the spying scandal. 'This equated to lost compensation for the executive board of more than 40 million Swiss francs.'Įxecutive pay had already been cut in 2020 as the bank contended with a string of bad headlines, ranging from a spying scandal to a $450 million writedown on a hedge fund investment.

Credit suisse writedown full#

As a result, executive board members had one full year of variable compensation cancelled,' committee chair Kai S. 'The compensation committee considered that it was important to emphasise leadership accountability. The new provision was to cover a settlement reached with German utility Stadtwerke Munchen GmbH in March.Ĭredit Suisse executives had their bonuses cut by nearly two thirds last year, the annual report showed, while CEO Gottstein's compensation fell 43% to 3.8 million francs in his first full year in the job, dipping below pay awarded to CFO David Mathers. The Swiss bank also announced a new 78 million franc litigation provision on Thursday, which increased its annual loss to 1.65 billion francs from a previously reported 1.57 billion francs. The bank said it had minimal exposure in terms of loans granted to sanctioned individuals in its wealth management division.Ĭredit Suisse's 2021 was marked by the collapse of $10 billion in supply chain finance funds linked to insolvent British finance firm Greensill and a $5.5 billion trading loss from the implosion of the Archegos investment fund.

read more 元N2VD29Iįactoring in risk mitigation via credit default swaps and other hedges, as well as guarantees, insurance and collateral, Credit Suisse said its Russian credit exposure stood at 848 million Swiss francs on a net basis at end-2021. Other banks, including UniCredit (CRDI.MI) and BNP Paribas (BNPP.PA) have warned of billions of euros in potential costs following Western sanctions imposed on Russia over its actions in Ukraine. Gottstein and Lehmann said they believed the bank's exposure to Russia was 'well-managed' and said it had the right systems in place to address associated risks.