Credit Suisse is facing a shareholder revolt over pay after an influential advisory group asked investors to block the Swiss bank’s plan to issue shares for employee bonuses.
The Financial Times reports that ISS, the proxy adviser, said investors should not grant permission to issue 27m shares – worth more than $760m at current market prices – to pay for senior staff bonuses.
Finally, the newspaper also reports orosecutors in Koblenz are investigating whether employees of Credit Suisse helped German citizens avoid taxes, after a wave of raids on the homes of the Swiss bank’s clients across Germany.
The raids follow the purchase of a CD containing details of German customers of Credit Suisse by the southwestern German state of Rheinland Pfalz earlier this year.
Credit Suisse faces revolt on pay (subscriber content)
C Suisse clients face tax avoidance inquiry (subscriber content)
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