Credit Suisse bankers and traders are already fearing for 2021 bonuses as a bumper first quarter has been vastly overshadowed by billions in charges related to the fallout from its exposure to hedge fund Archegos Capital Management.

Employees at the bank told Financial News that they expect pay to take a hit after the bank revealed the Archegos saga will cost it $4.7bn and push it into the red by $965m for the first three months of the year.