Credit Suisse halves total pay for chief executive
- 23 March 2012
- From the section Business
Credit Suisse slashed the total compensation for its chief executive, Brady Dougan, by 55% in 2011.
That follows his bank's poor performance last year, when net income slumped 62% and profit at its investment banking unit was wiped-out.
Mr Dougan still made $6.37m (£4m), roughly split between a basic salary and share awards.
The head of the bank's asset management business, Robert Shafir, was the best paid executive, earning $9.3m (£5.9m).
In its annual reportCredit Suisse justified Mr Dougan's pay cut.
"This level of compensation reflects the lower financial performance compared to the prior year and the lower share price and also recognises Mr Dougan's contribution to the long-term execution of the strategy and positioning of the firm in a changing regulatory and industry environment," it said.
Mr Dougan's pay was less than his counterpart at Swiss rival UBS. Sergio Ermotti earned almost $7m in 2011.