Singapore's state-owned investment company Temasek has cut employee compensation after suffering losses from a failed investment in cryptocurrency exchange FTX. According to sources familiar with the matter, the company's CEO, Ho Ching, informed staff of the decision in an email on Friday.
The email stated that the company would be reducing bonuses and deferring salary increases for senior executives, among other cost-cutting measures. The move comes after Temasek lost an estimated $4 billion on its investment in FTX, which was announced in March and subsequently fell in value. The company's overall portfolio is still said to be robust, however, with gains in other areas offsetting the losses from the FTX investment.