Credit Suisse Slashes Bonus Accruals After Archegos Hit (1)

Credit Suisse Group AG slashed the amount of money set aside for employee bonuses by hundreds of millions of dollars and used the savings to limit the financial hit from the implosion of Archegos Capital Management.

Cuts to accruals for staff compensation and other one-off items added about $600 million to underlying profit before tax for the first quarter, which is expected to be just over $3.7 billion, a person familiar with the matter said, asking for anonymity to discuss internal information.

Thomas Gottstein

Photographer: Fabrice Coffrini/AFP/Getty Images

A spokesperson for Credit Suisse declined to comment on the numbers, which were reported earlier by ...