Credit Suisse Chairman Gives Indications Of A Lower Bonus Payouts

Credit Suisse will calculate the coronavirus pandemic when dividing bonuses and the impact is likely to be pessimistic, Chairman Rohner told Schweiz am Wochenende in an interview published on Saturday.

Rohner said, “The pandemic is certainly a factor that will be taken into account when determining the variable compensation.” “Bonuses should reflect performance, and here the pandemic is a factor that plays a role,” he said. “It is obvious that after such a year you will not see record bonuses.”

Rohner who is leaving his duty as chairman next year, said the company would have to wait for the 2020 business results before making final decisions. Rohner will be replaced by outgoing Lloyds Bank Chief Executive António Horta-Osório.

He refused to comment directly on the allegedly merger talks between Credit Suisse and cross-town rival UBS. Both Rohner and UBS Chairman Axel Weber were reported to support a deal, but talks were pushed back until summer.

“I am not saying that the idea is absurd, quite the opposite,” Rohner said in the interview. “Every chairman, if he understands his role correctly, will think through such a constellation as well as other scenarios from time to time. “I have done so several times,” he said, although mergers between big banks tended to be very complex and had to deal with regulatory, cultural and timing issues. “Such factors determine whether a merged company is successful or not,” Rohner said.