VIENNA Feb 7 Credit Suisse's chief
executive is waiving part of his bonus in response to the
lender's first full-year loss since 2008, weekly Sonntagszeitung
said on Sunday.
Switzerland's second-largest bank reported a
worse-than-expected 2015 net loss of 2.94 billion Swiss francs
($2.97 billion) after booking a big impairment charge at its
investment banking business.
"I proposed to the board to markedly reduce my bonus,"
Tidjane Thiam was quoted as saying. "My cut is the biggest
within the management team."
Thiam has said he wants to cut costs quicker, promising the
lender's bonus pool for 2015 would be 11 percent smaller than a
Thiam told the paper he felt a statement he had made in
October about 2018 profits had been misunderstood.
"I never announced a 2018 goal of a 9-10 billion (Swiss
francs) profit," he said, adding that he gave this range for
illustration purposes only.
It would be "self-destructive" to set profit targets for the
investment banking business, he said.
Thiam, a former Ivory Coast government minister who replaced
American Brady Dougan, aims to shrink Credit Suisse's investment
banking operation after it saw net outflows of funds in two of
its three main wealth management divisions in the fourth quarter
Instead he plans to focus more on wealth management in
($1 = 0.9905 Swiss francs)
(Reporting by Kirsti Knolle)