C Suisse CEO Doesn't See Banker Exodus Over EU Pay Curbs

Dunce Cap Hat

Credit Suisse CEO Brady Dougan does not see major problems from Swiss plans for strict curbs on executive pay, nor is he concerned about warnings of an exodus of bankers due to the European Union's plans to cap bonuses.

'People are always writing about bankers leaving. In the end, not so many tend to move and I think that will also be the case this time', Dougan was quoted saying in Germany's Handelsblatt newspaper in an interview published on Friday.

Reuters reports that the EU agreed last month to bar bankers from getting bonuses bigger than their base salaries, while Swiss citizens voted earlier this month to give shareholders a binding vote on executive pay at all listed companies.

Dougan said the EU plan - being challenged by Britain - could affect a few hundred Credit Suisse bankers and likely lead to fixed salaries being increased in some areas, making personnel costs less flexible.

Hit the link below to access the complete Reuters article:

Credit Suisse CEO plays down impact of EU, Swiss pay curbs

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image: © Candie_N

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