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(Bloomberg) -- Credit Suisse Group AG increased its bonus pool 6 percent, awarding Chief Executive Officer Tidjane Thiam 11.9 million francs ($12 million) for his first full year on the job.
The bank restated its full-year earnings as it took a charge of 272 million francs after reaching a settlement on toxic mortgage securities with the U.S. National Credit Union Administration.
His total pay was proportionately more than the 4.57 million francs he got for his first six months at Credit Suisse in 2015, when he waived his bonus in light of the bank’s weaker performance.
Credit Suisse is in the second year of a costly turnaround plan that has been hampered by market turmoil, surprise trading losses and legacy issues. After tapping shareholders for 6 billion francs when the overhaul got under way in late 2015, the bank is considering a share sale to raise more than 3 billion francs, people with knowledge of the matter have said.
The bank awarded 3.09 billion francs in bonuses for 2016, which ended in a second consecutive annual loss that was deepened by the $5.3 billion settlement of a U.S. investigation into its crisis-era mortgage securities business. Restructuring charges including a goodwill impairment charge on a New York investment bank acquired in 2000 wiped out much of its profit in 2015.
Employees at other big European banks are looking at smaller checks this year. Hit by legal expenses, Deutsche Bank AG slashed its 2016 bonus pool by almost 80 percent, a figure unmatched in its recent history. HSBC Holdings Plc and Barclays Plc cut their bonus pools 12 percent and 1 percent respectively.
Swiss rival UBS Group AG handed out the smallest bonuses in four years after profit slumped in 2016. The bank cut the bonus pool for 2016 by 17 percent to 2.9 billion francs. CEO Sergio Ermotti received 13.7 million francs.
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