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Credit Suisse CEO sees 2009 pay leap

The chief executive of the Credit Suisse Group, Brady Dougan, was awarded a total of SFr19.2 million ($17.9 million) in salary and bonuses last year.

Dougan, an American who has been CEO since May 2007, received a basic salary of SFr1.25 million plus bonuses, shares and pension awards of SFr17.7 million, the bank reported on Thursday.

The total is almost seven times the compensation Dougan received for 2008.

The annual report of Credit Suisse showed that the 13 members of the bank’s senior management earned a total of SFr148.9 million, an average of SFr11.4 million each.

In 2008, 15 senior managers earned SFr106.7 million, with Dougan’s share SFr2.86 million.

The chairman of the CS board, Hans-Ulrich Doerig, received total compensation of SFr6.5 million.

The bank reported an annual profit of SFr6.7 billion, compared with an SFr8.22 billion loss in 2008. It also managed to attract new assets of SFr12.5 billion in the last three months of 2009.

Rivals UBS decided to pay out SFr2.9 billion in bonuses for 2009, a move that has not only sparked criticism outside the bank but also left some employees feeling cheated.

UBS posted a net loss of SFr2.7 billion for 2009, down from SFr21.3 billion in 2008.

The bank is set for a stormy annual shareholders meeting in Basel on April 14.

swissinfo.ch and agencies


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