Credit Suisse execs take bonus cuts of 40pc after outcry

AFP, GENEVA:  Credit Suisse’s chief and other top executives offered Friday to have their bonuses slashed by 40 per cent, following investor concern over the size of their proposed compensation packages.
Credit Suisse chief Tidjane Thiam and the bank’s executive board proposed that the “long-term incentive awards for 2017 and short-term incentive awards for 2016 ... be reduced by 40 percent each,” according to a statement.
The board of directors would also leave its compensation unchanged at the same level as 2015 and 2016, and would not accept a proposed incremental increase, it added.
“My highest priority is to see through the turnaround of Credit Suisse which is under way,” Thiam said in a letter to shareholders published Friday.
“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,” he added.

Credit Suisse execs take bonus cuts of 40pc after outcry

AFP, GENEVA: Credit Suisses chief and other top executives offered Friday to have their bonuses slashed by 40 per cent, following investor concern over the size of their proposed compensation packages. Credit Suisse chief Tidjane Thiam and the banks executive board proposed that the long-term incentive awards for 2017 and short-term incentive awards for 2016 ... be reduced by 40 percent each, according to a statement. The board of directors would also leave its compensation unchanged at the same level as 2015 and 2016, and would not accept a proposed incremental increase, it added. My highest priority is to see through the turnaround of Credit Suisse which is under way, Thiam said in a letter to shareholders published Friday. 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, he added.