CEO of Swiss bank Credit Suisse Tidjane Thiam asked the Board of Directors to decrease his bonus for 2015 with 25-30%, after during the last week the Swiss bank reported its first annual loss since 2008. The negative financial report is mainly due to the separation of serious amount of impairment of investment banking, which is part of Thiam’s strategy. The net loss of Credit Suisse for 2015 was 2.94 billion CHF (or 2.92 billion USD), which is much worse than analysts forecast for a loss of 2.12 billion CHF.
“I asked the Board of Directors significantly to lower my bonus”, said CEO of Credit Suisse, Tidjane Thiam. “Within the management team, my bonus cut will be the largest. I do not want sacrifices from others without sacrifice myself”, added he. “Market conditions in January 2016 remain challenging and we expect markets to continue to be volatile for the rest of the first quarter of 2016, as the macroeconomic problems still exist”, said the Credit Suisse CEO.
In October 2015, Tidjane Thiam started the biggest restructuring of Credit Suisse in nearly a decade. The company attracted 6 billion CHF from investors, reinforced business wealth management, investment banking and cut jobs. A little more than four months after the announcement of the strategy many analysts still not sure how Credit Suisse will achieve its objectives for growth, including an increase in profit before tax in the Asia-Pacific region more than doubled.