Bloomberg reports that Credit Suisse CEO Brady Dougan will receive stock worth some $67.6m under a long-term incentive plan established in 2005. The shares will be awarded on 20th April.
Dougan, 50, already bagged $18.2m in compensation for his work last year, making him the best-paid bank CEO in Europe. He will also be due a bonus for his work in 2010.
Under the terms of the plan, some 400 Credit Suisse bankers are in line to share $2.8bn in stock. The Financial Times reports that Paul Calello, the head of investment banking, is said set to receive stock worth $35.1m, while private banking head Walter Berchtold stands ready to receive $32.3m.
And UBS CEO Oswald Gruebel, boss over at Credit Suisse in 2005 when the plan was established, told Swiss newspaper Sonntag: 'The bank faced challenges in 2003 and the goal was to try to make it competitive once again, which has happened. In 2004 and 2005, those responsible (for the improved performance) didn't get much through the bonus programme. They got long-term incentives - exactly what firms are doing today (in light of the financial crisis). It has now paid off for these people, who have made Credit Suisse what it is today'.
In the meantime, Reuters reports that HSBC has awarded CEO Michael Geoghegan $2.28m in stock under a long-term incentive plan. The bank's executives failed to meet targets set at the time of a 2007 plan, and received only 38% of the stock up for grabs under this plan.
And Dow Jones Newswires reports that Commerzbank is to ask stockholders at its annual general meeting next month to approve a new compensation scheme that will result in increased management board salaries.
Finally, Bloomberg reports that Michel Barnier, the EU's financial services commissioner, has said that he intends to work closely with US Treasury Secretary Tim Geithner to sort out the 'insane' discrepancies between pay and performance in the banking industry.