Credit Suisse made a 'mistake by paying Chief Executive Brady Dougan around $100m in 2010 under two different payout plans, the board member who oversaw the payment said in a television interview on Monday.
Reuters reports that as anger at multi-million dollar payouts for executives spread following the financial crisis, Dougan sparked a public outcry when he took home $21.38m in cash and stock in 2009, and was also paid nearly $78m worth of stock under a bonus plan for 2004.
'That was certainly a mistake. Today, such a programme would be structured differently: we have limits and the salary would be smaller', said Walter Kielholz, Credit Suisse's chairman until 2009, in an interview with Swiss television's Eco business programme.
Pay for Dougan, CEO of the bank since 2007, has been far more modest in recent years: last year, it rose by one-third to $8.69m, while that of the Swiss bank's highest earner, Robert Shafir, rose to $11.8m, from $9.47m in 2011.
The pay admission comes one week after Credit Suisse underwhelmed investors with its plan to shrink interest rate trading after revenue and profit at its investment bank slid in the third quarter.
To access the complete Reuters article hit the link below: