(Corrects pay figures in paragraphs 15 and 17)
* CEO Brady Dougan earned 5.8 mln Sfr in 2011
* Unit head Shafir was bank's top earner in 2011
* Credit Suisse net profit down 24 pct in 2012, stock up 1
* Bank shed 2,300 staff in 2012
* Rival UBS criticised over CEO, investment bank head's pay
By Katharina Bart
ZURICH, March 21 Credit Suisse places
banker bonuses back under the spotlight on Friday with details
of the pay of Chief Executive Brady Dougan in 2012 when the
bank's stock rose little more than 1 percent amid a cutback in
risk taking by its investment bank.
Pay for Dougan, as well as 2011's top earner Robert Shafir,
then asset management boss, will be scrutinised after bonuses
for investment banking rivals including UBS angered
Swiss retail shareholders last week.
Top management pay remains a hot-button issue in Switzerland
nearly five years after UBS was bailed out by the Swiss
Earlier this month, Swiss voters backed some of the world's
strictest controls on executive pay, forcing public companies to
give shareholders a binding vote on compensation.
European officials, emboldened by a victory over banker
bonuses, are also expected to propose legislation giving
shareholders the right to challenge executive pay amid public
anger at Wall Street-style excess in the boardrooms.
Credit Suisse's U.S. rival JPMorgan Chase halved the
bonus of CEO Jamie Dimon after the bank's board decided he
should shoulder blame for $6.2 billion of "London Whale" trading
losses. His overall pay was $11.5 million last
Goldman Sachs Group Inc has not yet disclosed CEO
Lloyd Blankfein's compensation, which increased sharply to $16.2
million in 2011 despite a slide in profits and share price.
Last week, UBS said it will pay CEO Sergio Ermotti almost $9
million and welcome its new investment bank chief with a $26
The head of Barclays' investment bank, Rich Ricci,
this week sold more than 17 million pounds in shares he received
in a long-term pay deal.
The pay disclosure comes as Credit Suisse, which cut
2,300 jobs last year, adjusts riskier areas of its investment
bank to tougher Swiss capital rules.
While Credit Suisse has vowed to stick with fixed income
areas from which UBS is withdrawing, it is shrinking
risk-intensive areas. Credit Suisse has closed its correlation
trading desk and shrunk commodities and derivatives, its
investment banking co-head Gael de Boissard said in an interview
Credit Suisse also wants to cut 4.4 billion francs in costs
by the end of 2015, up from a previous 4 billion target, by
folding its asset management unit into its private bank and by
moving some jobs offshore.
The measures took their toll on Credit Suisse's profits. Net
profit dropped 24 percent in 2012, and the bank kept its mostly
stock dividend unchanged.
Credit Suisse has pledged to return to a higher, all-cash
dividend when it has bolstered its capital, planned for
mid-year, while UBS is targeting a 50 percent payout ratio from
Dougan sparked a public outcry when in 2010 he received
roughly 70 million francs in shares from a 2004 stock-linked
bonus plan, and was awarded 19 million Swiss francs for 2009,
most of which was in the form of deferred shares and deferred
He earned 5.8 million francs in 2011.
Shafir, promoted to co-head of the newly merged private bank
and asset management unit in November, was Credit Suisse's top
earner last year on 8.5 million francs.
(Editing by David Cowell)