IN CREDIT

SWISS BANK PAYS TIDJANE THIAM £10M AFTER AXING 7000 JOBS

CREDIT Suisse handed chief executive Tidjane Thiam a near-£10 million pay packet last year after laying off more than 7000 staff to cut costs.

The Swiss giant awarded Thiam a Swfr4.2 million (£3.4 million) bonus (comprising half cash and half shares), Swfr4 million in shares and Swfr3.7 million in salary bringing his pay to Swfr11.9 million.

This is less than he earned in his last full year as chief executive of the Prudential, when he got £11.8 million.

The board praised his “significant achievement” in slashing costs and changing the culture of bank.

Thiam joined the bank in June 2015 replacing Brady Dougan and earned Swfr4.57 million in his first six months.

Credit Suisse revealed a Swfr2.72 billion loss last year after striking a deal with US regulators to settle claims that it mis-sold toxic mortgages. Another 6500 jobs are at risk this year as Thiam seeks to improve its fortunes.

Credit Suisse’s bonus pool for bankers bucked the trend rising 6% to Swfr3.09 billion from Swfr2.92 billion, the first rise since 2013. European rival Deutsche Bank slashed bonuses by 80% this year.