News: Credit Suisse CEO Gottstein earns less than predecessor Thiam.
ZURICH (Reuters) – The CEO of Credit Suisse, Thomas Gottstein, earned less in his first year in this role than his predecessor Tidjane Thiam, as the bank’s annual report showed on Thursday, when the bank was in 2020 by a number of legal and Value added issues were affected The bonuses were also affected by higher expected credit losses.
Gottstein, who became head of the bank last February after Thiam’s abrupt departure, received total compensation of 8.53 million Swiss francs (9.24 million US dollars).
Gottstein tried to get Credit Suisse out of a series of bad headlines, spanning a spy scandal that drove predecessor Thiam to a write-off on a hedge fund investment of $ 450 million. The recent collapse of around $ 10 billion related to UK supply chain financier Greensill has put new pressure on him.
His salary, compared to 10.7 million Swiss francs, was paid to Thiam in his last full year at the bank. Thiam’s salary had been cut by 15% that year.
Thursday’s report showed that Thiam was not being compensated for the start of 2020.
“For 2020, no compensation payments were made to former board members who left Credit Suisse, which was also the case for 2019,” the bank wrote in the report. “In addition, no payments were made to former members of the Management Board due to non-compete obligations.”
Managers earned a total of 12% less total compensation in 2020, while the bank’s total bonus pool fell by 7% to 2.949 billion Swiss francs.
($ 1 = 0.9230 Swiss Francs)
Reporting by Brenna Hughes Neghaiwi, editing by Silke Koltrowitz
Original Source © Reuters