Credit Suisse’s Thiam wants his bonus to be cut up to 50 percent – report

Chief Executive Tidjane Thiam of Swiss bank Credit Suisse addresses the annual news conference in Zurich, Switzerland February 4, 2016. REUTERS/Arnd WiegmannThomson ReutersCEO of Credit Suisse Thiam addresses news conference in Zurich

ZURICH (Reuters) – Credit Suisse Chief Executive Officer Tidjane Thiam has asked the bank’s board to cut his 2015 bonus by between 25 percent and 50 percent, the Financial Times reported on Monday, after the bank posted a 2.94 billion Swiss franc ($2.96 billion) loss last year.

The Financial Times did not cite a source for the percentage that Thiam’s bonus will be cut. The bank did not confirm the percentage.

Swiss newspapers on Sunday reported that Thiam had asked for his bonus to be reduced. Others at the bank are also seeing bonus payments trimmed.

“I have asked the board of directors for a significant reduction in my bonus,” Thiam said in a statement. “Within the management team, the cut is greatest in my case. I cannot demand sacrifices from others and not make any myself.”

The move comes in the wake of Credit Suisse’s first loss in eight years, thousands of job cuts, a $2.6 billion legal settlement in the United States for helping wealthy people there evade taxes and other problems.

(Reporting by John Miller; editing by Brenna Hughes Neghaiwi)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

To Top