American-born Brady Dougan, who has run the Swiss bank since May 2007, saw his total pay increase seven-fold last year as a result of the bank’s return to profit.
Overall, the bank paid its executive board a total of Sfr148.9m, Sfr132.4m of which were bonuses, Credit Suisse’s annual report published yesterday showed.
Dougan received share-based and other awards worth Sfr17.87m on top of his base salary of Sfr1.25m, coming close to his pay of Sfr22.3m in the pre-crisis year 2007. Dougan’s pay dropped to Sfr2.9m in 2008.
Credit Suisse made it through the crisis without state aid despite a loss of over Sfr8bn in 2008, unlike cross-town rival UBS, which had to be bailed out by the government.
Credit Suisse returned to a profit of Sfr6.7bn last year, compared with a Sfr2.7bn loss at UBS. UBS said last week it paid top managers a total of Sfr69m in 2009.