Weary Credit Suisse investors fear a long wait for the bank to get back on piste after a string of scandals which have wiped billions off its market value and piled pressure on management.
"Credit Suisse has a long list of scandals and problems," Stefan Sauerschell, a bond investor with Union Investment, said of the bank, which was founded in 1856 and says it has 48,770 employees and 3,510 relationship managers around the world.
Proxy adviser Ethos was critical of Credit Suisse's decision not to publish its investigation into the Greensill affair. "They are in a very difficult situation. We've seen the problems with Greensill and other cases filter down to the business, slowing it down," Andreas Venditti, an analyst at Swiss bank Vontobel, said of Credit Suisse's predicament.
Senior bankers, who the bank said had taken a higher proportion of the bonus cut, received 799 million Swiss francs in cash payouts, up from just 59 million francs in 2020.Moody's this week flagged concerns over a tailing off in money flowing into Credit Suisse, warning that it could drag down revenue and pointing to pressures on wealth management, restructuring costs and higher payouts to staff.