Credit Suisse's Thiam waves bye to part of his bonus

Tidjane Thiam

One banking chief has revealed he might not be receiving as hefty a bonus as he might be accustomed to this year.

Credit Suisse chief executive Tidjane Thiam has told a Swiss weekly newspaper that he will be forfeiting part of his bonus, after the bank recently reported its first annual loss since 2008.

Thiam is quoted in an article published today by Sonntagszeitung as saying that he had proposed the board of directors make a reduction to his bonus, adding that the cut to his annual sweetener would be the largest among the leadership team.

Thiam, who joined Credit Suisse from Prudential last year, is also reported as saying that a past statement he had made about Credit Suisse making CHF 9-10 billion in profit in 2018 had been misunderstood, remarking that he had made the statement for illustration purposes rather than a cut-and-dry profit forecast.

Read more: European bank shares are tanking

City A.M. reached out to Credit Suisse for comment but is yet to receive a response.

Last week, the Swiss lender reported a pre-tax loss of CHF 2.4bn (£1.7bn) for its full-year results, as well as a loss of CHF 6.4bn in its fourth quarter.

Credit Suisse also revealed it was mulling the decision to shed 4,000 jobs, including employees, contractors and consultants.

Read more: Barclays and Credit Suisse set to settle over dark pool

Investors were clearly unhappy with the news of Credit Suisse's first loss in eight years, as shares opened down more than nine per cent, crashing the price to levels not seen since the early 1990s.

Full story: Credit Suisse's Thiam waves bye to part of his bonus: City A.M.

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