Former Credit Suisse chair Urs Rohner has no intention of paying back any of the millions he earned while presiding over multiple calamities at the troubled bank.
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El expresidente de Credit Suisse rechaza las exigencias de devolución de efectivo
As chair, and previously vice-chair for two years, Rohner earned CHF52 million ($57 million), according to Swiss shareholder investment group Ethos Foundation.
Speaking to CH Media, a spokesperson for Rohner rejected calls in Switzerland for some of this money to be returned.
“As Chairman of the Board of Directors, he didn’t get any bonuses, so there’s nothing to repay,” the spokesperson said, pointing out that Rohner voluntarily waived CHF5 million in bonuses he was due by the terms of his contract.
Rohner is the subject of much anger following the demise of Switzerland’s second largest bank.
Under his watch, Credit Suisse paid a huge tax evasion fine in the United States, lost billions in sour business deals with Archegos and Greensill and endured multiple other scandals.
Rohner now feels “socially ostracised” and is nervous about appearing in public, the spokesperson said.
Investigations pending
Another former member of the bank’s top brass, ex-CEO Tidjane Thiam (2015-2020), has been moved to defend his record against mounting criticism.
The Swiss government has ordered a freeze on bonuses, while parliament is poised to launch investigations following the takeover of Credit Suisse by UBS.
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Regulator looks at possible steps against Credit Suisse top brass
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Swiss financial market supervisory authority FINMA is investigating whether Credit Suisse top management can be held to account for the bank’s debacle.
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