Credit Suisse Chair Warns on Bonuses After ‘Horrifying Year’
- Lehmann says client outflows have started to reverse slightly
- After ‘huge losses, it is clear that the budget gets cut.’
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Credit Suisse Group AG Chairman Axel Lehmann warned employees should brace for bonus cuts as the Swiss lender embarks on a painful and costly turnaround after a grim year that forced it to tap shareholders for fresh funds.
“It was a horrifying year for Credit Suisse,” Lehmann said in an interview with Bloomberg TV at the World Economic Forum in Davos. “So I think people will have realistic expectations that it will not look great” for bonuses.