Credit Suisse boss receives 30 per cent pay rise despite falling share price
The chief executive of Credit Suisse Tidjane Thiam has received a pay boost of 30 per cent to 12.65m Swiss francs (£9.7m), the group’s annual report showed today.
The Swiss bank said the pay rise was “designed to acknowledge the strong performance of Mr Thiam over the course of his tenure to date and the successful execution of the three-year restructuring program.”
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It said that it represents the first change to his “maximum opportunity levels” since he was appointed in 2015.
The pay increase came despite a 27 per cent fall in the bank’s share price over the last year.
The 12 members of the executive board were awarded 93.5m Swiss francs between them.
In 2016, executives at Credit Suisse agreed to a 40 per cent bonus cut, after the bank’s proposals for increasing pay were criticised.
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The cuts, which affected 2016 bonuses and 2017 share incentives, reduced Thiam’s pay to 9.7m Swiss francs for the previous year.
Without the pay cut Thiam’s total package this year would have represented a 13 per cent increase.
The best paid UK bank bosses this year were Santander’s UK head Nathan Bostock on £6.4m and Lloyds chief executive Antonio Horto-Osorio on £6.3m.