Swiss bank Credit Suisse will reduce bonuses this year in light of hefty job cuts at its investment bank, according to Switzerland’s biggest economics newspaper.
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“The bonus pool will be sharply lower again this year,” the bank’s chairman Urs Rohner said in an article appearing in Thursday’s edition of the Handelszeitung.
Last year, Credit Suisse’s bonus pool shrank to SFr5.05 billion ($5.4 billion) from SFr6.87 billion.
Credit Suisse decided to address the bonus issue after Chief Executive Brady Dougan was criticised for a 2009 windfall of SFr70 million in stock, which he received under a 2004 bonus plan. For 2010, Dougan’s overall pay fell by one-third to SFr12.8 million, SFr9.6 million of which was a cash bonus and stock with restrictions.
Banker bonuses have been criticised in Switzerland since 2008, when UBS was bailed out by the government.
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