Credit Suisse CEO: Bonus Cuts Story ‘Speculative’

Credit Suisse CEO: Bonus Cuts Story ‘Speculative’

Credit Suisse CEO Tidjane Thiam joined hosts Stephanie Ruhle and David Westin on Bloomberg TV’s new flagship morning program, Bloomberg <GO>, where he responded to a Swiss newspaper report on bonus cuts. Thian also spoke about strategies at the bank and the economy.

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On whether the Swiss media report that Credit Suisse may cut bonuses as much as 60% is true, Thiam said: “The short answer is no. That’s a very speculative story and I just won’t comment on that…Bonuses will be set at the end of the year.”

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Thiam also said he sees the risk of a “traumatic event” in global markets once the current period of low interest rates comes to an end: “It’s quite likely that there will be at the end of all this period a relatively traumatic event… we have to position ourselves quite defensively.”

He added: “Every time you see in markets, when you go from a high-rate environment to a low-rate environment or from a low to a high-rate environment, experience shows that a number of people are caught unprepared. That is likely to happen again.”

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