Breakingviews - Breakingviews - Credit Suisse self-flagellation is risky but right
Still, Gottstein’s caution is necessary. Promising to double down on risk controls has helped him deflect the blame for recent blowups of the Archegos hedge fund and supply chain lender Greensill Capital. Another mistake would probably put his job on the line.
Meanwhile funky new pay structures mitigate the risk of a banker exodus. An unusually large proportion of last year’s $2.2 billion bonus pot, roughly two-fifths, was in upfront cash payments for senior staff. They’ll have to give some back if they leave before February 2025.
- Investment banking revenue declined by roughly one-third year-on-year. The company’s Asia-Pacific business saw $3.2 billion of outflows during the final three months of 2021.Register now for FREE unlimited access to Reuters.comReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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