Credit Suisse Cuts CEO pay 54%

//Credit Suisse Cuts CEO pay 54%

Credit Suisse Cuts CEO pay 54%

Brady W. Dougan, the chief executive of the Swiss financial giant Credit Suisse, experience a 54 percent cut in his compensation last year after the firm reported its first quarterly loss in three years.
Mr. Dougan received a pay package worth 5.8 million Swiss francs ($6.4 million), including a 2.5 million franc salary and Credit Suisse shares worth 3 million francs, according to the company’s annual reported published on Friday. His total compensation package in 2010 was 12.8 million francs.
The reduction in pay for the Credit Suisse chief comes after the bank reported a net loss of 637 million francs in the fourth quarter of 2011, compared with a profit of 841 million francs in the period a year earlier.
The top earner at the Swiss bank last year was Robert Shafir, head of the firm’s asset management business, who received a compensation package worth a combined 8.5 million francs.

52 Years Old Brady W. Dougan has been the CEO since 2007. Prior to that, he was the CEO Investment Banking and the CEO of Credit Suisse Americas. He has served on the Executive Board since 2003. Mr. Dougan received a BA in Economics in 1981 and an MBA in finance in 1982 from the University of Chicago, Illinois

In total, the Credit Suisse executive board, which comprises 13 individuals, received a combined salary-and-share package of 70.2 million francs last year. In 2010, the board, which then consisted of 16 people, was given combined compensation worth 160.3 million francs.
Big banks across Europe have been cutting top managers’ pay. On Tuesday, Deutsche Bank said that Anshu Jain, the incoming co-chief executive of Deutsche Bank, saw his compensation drop by 23 percent last year after the European sovereign debt crisis and turmoil in financial markets prompted a loss in the investment banking division.
Mr. Jain, currently the head of the firm’s investment banking unit, received a salary and bonus worth 5.8 million euros ($7.6 million) last year, compared with 7.6 million euros the previous year. He will take over as co-chief executive of the firm from Josef Ackermann, whose pay fell less than 1 percent last year, to 6.3 million euros. The salary of Jürgen Fitschen, who will also become co-chief executive at the German bank at the beginning of June, fell almost 5 percent, to 2.8 million euros, last year.
Earlier this month, Barclays of Britain said it had awarded its chief executive, Robert E. Diamond Jr., £6.3 million ($10.3 million) in compensation for 2011, a reduction in pay after profit at the British bank slipped.


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