Credit Suisse Chief Executive Tidjane Thiam received 18.9 million Swiss francs ($19.4 million) from the Swiss bank in 2015 even after he asked to have his bonus cut by 40 percent, according to its annual report published on Thursday. Thiam, who took over at Credit Suisse from British insurer Prudential last July, is five months into implementing his new strategy for the Zurich-based bank.
For 2015, he received 4.57 million francs in total compensation and 14.3 million francs in replacement awards in shares to compensate for the cancellation of deferred awards from his previous employer. Sergio Ermotti, CEO at Switzerland's biggest bank UBS, received 14.3 million francs in total 2015 compensation. When deciding on Thiam's bonus, Credit Suisse said its compensation committee considered his "excellent contribution since joining the firm, including the design and implementation of a new management structure, strengthening of the capital base of the group and the design of a new strategy".
"Notwithstanding these achievements, Mr Thiam requested that his target level of compensation discussed at the time he joined Credit Suisse be reduced by 40 percent, given the weaker financial performance of the group during 2015," Credit Suisse said in its annual report. In February, Credit Suisse reported its first full-year loss since 2008 after booking a big impairment charge at its investment banking business, sending its share price tumbling. On Wednesday Credit Suisse announced 800 million francs in additional cost cuts and plans to shrink its investment bank further as it spurs a restructuring plan aimed at revitalising earnings.