Credit Suisse CEO Tidjane Thiam's pay for his first full year in the job swelled to $12 million, while bonuses rose 6 percent despite back-to-back annual losses at Switzerland's second-biggest bank. Ivor Bennett reports.
There are some who are still sitting pretty at Credit Suisse. Tidjane Thiam, the bank's CEO, pocketing 12 million dollars for his first full-year in the job. Despite back-to-back losses and thousands of job cuts. The bank said it was down to his 'effective delivery of cost efficiencies'. referencing his 'strong leadership' in the drive towards 'a stronger capital position'. In short, the bank's going through a massive restructuring. More than 7000 job cuts last year. Thiam's signalled almost the same again this year. In a still challenging climate for many banks. SOUNDBITE (English) NICK PARSONS, GLOBAL HEAD FX STRATEGY, NATIONAL AUSTRALIA BANK, SAYING: "Loan growth is slowing, the interest rate environment is still very difficult. And the banks haven't really found a good a reliable way of making up for that loss of interest income." Penalties for the sale of toxic mortgage debt only made it worse Tipping 2016 losses close to 3 billion dollars. Despite that, bonuses at the bank rose 6 percent, to just over 3 billion dollars. Thiam's payout dwarfs that of Deutsche Bank boss John Cryan. He took home a relatively paltry 4.1 million dollars last year. But in banking, it seems there's always someone who's getting paid more. In this case UBS CEO Sergio Ermotti. Who last year pocketed nearly 14 million dollars.