The Pak Banker - - FRONT PAGE -

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, me­dia re­ported on Mon­day, af­ter the bank posted a 2.94 bil­lion Swiss franc ($2.96 bil­lion) loss last year. The me­dia did not cite a source for the per­cent­age that Thiam's bonus will be cut. The bank did not con­firm the per­cent­age.

Ear­lier Swiss news­pa­pers 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.

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