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Switzerland wanted to know the details about the horror year at Credit Suisse (CS), where the leading Swiss bank suffered a loss of CHF 7.3 billion. But for now, nothing has happened: CS was forced to “slightly” delay the release of its 2022 annual report last week, as the U.S. Securities and Exchange Commission (SEC) intervened.
It’s unclear exactly what Americans want. But now CS has released its 2022 annual report with a delay of 5 days. Following the conclusion of talks with US officials, the major bank confirmed its fiscal 2022 results released in February, CS said on Tuesday.
The miserable 2022 fiscal year in CS leads to lower wages for senior executives. The management of the sick big bank will receive a total of 32.2 million francs after the already weak 38.1 million francs in 2021. As previously announced, no bonus will be paid to the management in 2022.
CS CEO Ulrich Körner, who took over the top position at the beginning of August, received compensation of CHF 2.5 million for the past year. He managed CS Asset Management before being appointed CEO. His predecessor, Thomas Gottstein, received compensation of CHF 3.8 million in 2021.
Credit Suisse announced a month ago, when presenting annual figures for 2022, that management had completely abandoned variable compensation due to the massive annual loss. However, the general meeting will approve the $30.1 million “one-off deferred equity conversion award.” This should depend on performance conditions in the 2023-2025 period.
Total Board compensation between 2022 and 2023 AGMs was CHF 10.4 million compared to CHF 11.7 million in the previous year. Chairman of the Board, Axel Lehmann, received a fee of CHF 3.2 million. For the period between the 2023-2024 General Assemblies, compensation of up to 13.0 million will be paid to the members of the Board of Directors.
In 2022, Credit Suisse suffered its worst year since the 2008 financial crisis, with an annual loss of CHF 7.3 billion. A year ago, the big bank had already lost 1.6 billion Swiss francs per year. CS is also struggling with high cash outflows: last year customers withdrew approximately 123 billion francs.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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