Bonuses cut

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Many people are still trapped in the rubble.

Vice President Fuat Oktay of Turkey has called the earthquake the “disaster of the century” sparking an international response as emergency workers race to free those buried under the debris.

Rescue teams from all over the world have descended on the two countries as many people are still trapped, including children, but time is running out and the scale of the damage is such that as every hour passes by, hope fade of finding anyone alive.

THE scandal ­ hit Swiss bank, Credit Suisse, announced on Thursday, February 9 that it would cut bonuses for company executives as it records its worst financial year since the economic crisis of 2008.

Clients withdrew their money in droves and company shares plummeted causing the company to record a staggering net loss of nearly €7.4 billion. 2022 marks the second year that the company has reported a loss after losing nearly €1.8 billion in 2021.

The bank has been plagued with scandal since a 2022 court ruling that the Swiss bank helped the Bulgarian mafia to launder money as well as US hedge fund disasters, and implication in a scandal in Mozambique.

The shockingly poor performance led the company to announce that none of its executives, would receive a bonus this year. Senior managers also took significant pay cuts.