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Wednesday 28 September 2016

Credit Suisse's Thiam wants his bonus to be cut up to 50pc

Published 08/02/2016 | 09:13

Credit Suisse designated CEO Tidjane Thiam . AFP PHOTO
Credit Suisse designated CEO Tidjane Thiam . AFP PHOTO

Credit Suisse chief executive officer Tidjane Thiam has asked the bank's board to cut his 2015 bonus by between 25pc and 50pc, the Financial Times reported on Monday, after the bank posted a 2.94bn Swiss franc ($2.96bn) loss last year.

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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 $2.6bn legal settlement in the United States for helping wealthy people there evade taxes and other problems

Reuters

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