Reuters reports that Walter Kielholz, a Credit Suisse Director who is also a member of the bank's compensation committee, said in a recent interview with Swiss newspaper SonntagsZeitung that firm bonuses will fall by as much as a half.
He said: 'Depending on the division and the position, variable pay will shrink up to 50%'.
Kielholz also predicted that Swiss banks will cut more jobs in the coming months: 'Not only the big banks, also other institutions need to reduce their costs markedly. That will lead to the consequence that, step by step in the financial sector, several thousand jobs disappear'.
In the meantime, Bloomberg reports that Citigroup looks likely to cuts its investment banker bonuses by 30% on average, which is around the same level as most of its rivals.
image: © Richard Pope
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