Credit Suisse bank's executive board won't receive a bonus for 2022
This comes after the company, in 2022 reported its biggest annual loss since the 2008 global financial crisis
Investment banking firm Credit Suisse's executive board will not receive the bonus for 2022.This comes after the Swiss company, in 2022 reported its biggest annual loss since the 2008 global financial crisis, a Reuters report said.According to Reuters, Credit Suisse group's executive board took home $35.27 million in fixed compensation.Meanwhile, in another development, Credit Suisse said in its 2022 annual report the bank has identified "material weaknesses" in internal controls over financial reporting and has not yet stemmed customer outflows."As of December 31, 2022, the Group's internal control over financial reporting was not effective, and for the same reasons, management has reassessed and has reached the same conclusion regarding December 31, 2021," the bank said in its recent filing.Scrutiny over the banking sector has been growing after the sudden collapse of the US-based Silicon Valley Bank earlier this month.With inputs from ReutersRead all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
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