GAM CEO Cuts Bonuses and Signals Talks to Begin on Layoffs
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GAM Holding AG Chief Executive Officer Peter Sanderson is cutting bonuses and signaling talks on layoffs will begin imminently as the company adapts to losing more than 40% of its key assets in a rogue trading scandal.
Bonuses will be cut since underlying profits are materially lower and the company will pay a higher proportion in deferred shares, Sanderson wrote in a memo to employees.