Home World Business Credit Suisse bosses offer to cut their own bonuses by 40%

Credit Suisse bosses offer to cut their own bonuses by 40%

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Credit Suisse CEO Tidjane Thiam delivers a speech during an extraordinary shareholders meeting of the Swiss banking group on November 19, 2015 in BernImage copyright Getty Images
Image caption Credit Suisse CEO Tidjane Thiam also offered to cut his bonus last year

Credit Suisse chief executive Tidjane Thiam and the bank’s board of directors have offered to cut their own bonuses by 40% ahead of its annual meeting.

They also proposed to keep total board pay at the same level as 2015 and 2016.

The move follows pressure from Swiss lawmakers and the bank’s shareholders to address excessive executive pay.

The Swiss bank has posted two straight years of losses but its top 12 executives were awarded 78m Swiss francs ($77m;£62m) in pay this year.

Mr Thiam, who used to head insurance giant Prudential, was awarded 12m Swiss francs in total pay in 2016.

He said the decision to reduce top executives’ variable compensation reflects “the total confidence” they have in fixing the bank’s fortunes.

“My highest priority is to see through the turnaround of Credit Suisse which is under way,” he wrote in a letter to shareholders.

“I hope that this decision will alleviate some of the concerns expressed by some shareholders and will allow the executive team to continue to focus on the task at hand.”

Credit Suisse investors are set to meet on 28 April. Under Swiss law they get a binding annual vote on executive pay.

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