Bonus/Layoffs Watch '15: Credit Suisse

The bad news is that big execs will be receiving tiny bonuses. The good news is that most of them will be keeping their jobs, unlike some other employees at the bank.
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Credit Suisse Group AG said Thursday it would make hundreds of millions of Swiss francs in additional cost cuts and sharply reduce bonuses for top executives, as the Swiss bank braces for challenges presented by the strengthened franc and continues to deal with the effects of a large legal settlement. Investors cheered the news of cost cuts and plans by the bank to maintain its dividend, pushing Credit Suisse shares up more than 9%...The cost reductions will likely involve both job cuts and moving employees out of Switzerland to lower-cost locations, Chief Executive Brady Dougan said during a news conference. “We don’t have any specific numbers,” the CEO said. [WSJ]

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