Credit Suisse Boosts Employee Shares After Sharp Price Drop
A branch of Swiss banking Credit Suisse during the coronavirus lockdown, in Gstaad.
Photographer: Fabrice Coffrini/AFP via Getty Images
Credit Suisse Group AG compensated managers and employees with additional shares in the bank after the price dropped sharply during the depths of a market correction spurred by the coronavirus outbreak.
For its annual bonus distribution, the Swiss bank shifted the calculation period for the share price forward to the first five consecutive trading days ending March 5, whereas in previous years it had used the last 10 days of February, financial blog Insideparadeplatz and newspaper SonntagsZeitung reported citing the bank’s annual reports. That resulted in the distribution of 9 million additional shares to employees, SonntagsZeitung reported.