C Suisse cuts board pay, reduces bonuses for senior staff

Oliver Twist

Credit Suisse has announced a 25% boardroom pay cut and reduced bonuses for other top staff while also setting out a range of measures to tackle the surge in the Swiss franc.

Reuters reports that the pay cuts are the bank's response to the more than $2.5 billion in penalties agreed with U.S. authorities last year for its role in helping Americans to evade taxes, it said in fourth-quarter results on Thursday.

Credit Suisse has been a lightning rod for criticism over executive remuneration since its decision to pay Chief Executive Brady Dougan nearly 90 million Swiss francs ($96.7 million) in 2010.

Dougan was at pains to point out on Thursday that though the bank's staff had worked hard, the hefty U.S. penalties could not be ignored.

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Credit Suisse board takes voluntary 25 pct pay cut

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