Bank bosses cut own bonuses

CREDIT Suisse bosses have offered to have their own bonuses cut by 40 per cent ahead of the bank’s annual general meeting, following shareholder pressure.

A statement on the bank’s website said that chief executive officer Tidjane Thiam and members of the executive board had proposed to the board of directors that their long-term incentive awards for this year and short-term incentive awards for last year be reduced.

The bank had come under fire over executive pay, after posting two straight years of losses. The board of directors also agreed to keep the total level of compensation for the board this year on a par with 2015 and 2016 levels, abandoning a proposed incremental increase.

In a letter to shareholders, Mr Thiam said: “My highest priority is to see through the turnaround of Credit Suisse, which is under way.

“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. Our decision reflects the total confidence we have in the progress we are making. Although that progress is not yet reflected in our share price, I am confident that our strategy and our disciplined execution will in due course create value for you, our shareholders.”

Urs Rohner, chairman of the board of directors, said: “In light of the current environment and sentiment towards compensation, the board understands the decision made by the CEO and executive team.

“The board accepts these voluntary and personal decisions with great respect.”