Tidjane Thiam, Credit Suisse CEO, Proposes 'Significant' Bonus Cut After Layoffs

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GENEVA — The new CEO of Credit Suisse has proposed that its board make a “significant” cut in his bonus after the Swiss bank posted disappointing earnings last week and announced 4,000 job cuts.

The bank on Monday confirmed comments by Tidjane Thiam in an interview published a day earlier in Sonntags Zeitung and other German-language media.

An email from Credit Suisse’s press office said he proposed the biggest cut among the bank’s management team because “I cannot demand sacrifices from others and not make any myself.”

Spokeswoman Anuschka Ross said the bank is “not giving numbers at the moment” about the size of the cut in the bonus.

A dual national of France and Ivory Coast, Thiam took over last summer and has laid out a multi-year reform program to cut costs.
Source: HP

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