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This will inevitably raise comparisons to larger rival UBS, which embarked on a similar, and ultimately successful, strategy more than five years ago – something Thiam himself did earlier this month.

Scrips vs Cash Push

If Thiam sees Credit Suisse as «broadly» pursuing the same strategy as UBS, he is glibly ignoring the bank’s patchy payout record. Credit Suisse is a late convert shareholder rewards; to be sure, the bank has usually paid out something, but deftly avoided cash payouts with something called scrip dividends. Why? Scrips protect cash piles and capital.

UBS pledged an at least 50 percent payout ratio in 2012, which it hit in 2014. Last year, Switzerland’s largest bank paid a whopping 70 percent of profits to shareholders. How does Credit Suisse’s ratio stack up? First of all, Credit Suisse hasn’t been profitable for the past two years, so the ratio itself has been negative.

A deeper look at Credit Suisse explains why chairman Urs Rohner and Thiam get endless stick from shareholders for earnings millions, while UBS’ Axel Weber and Sergio Ermotti are largely shielded from anger – despite earning far more.

Into One Pocket, Out Another

If it had paid out cash only, Credit Suisse’s payout ratio would have been over 50 percent in 2012, 2013 and 2014. But it isn’t cash: the bank has swayed investors to take share-based awards – scrips.

It is impossible to calculate how competitive Credit Suisse’s payout practices were before it suddenly became shareholder-friendly seven months: the scrips and cash combination muddy the waters.

This has angered shareholders because Credit Suisse shares haven’t gained substantially in value but also because it dilutes shares. Into one pocket and out the other, shareholders argue.

«Show Me the Money!»

In April, under massive pressure from big shareholders over executive pay, Credit Suisse said it would stop using the scrip payouts, and maintain a payout policy «competitive with that of our peers.»

Thiam and Rohner have pledged to hike payout ratios over time, as Credit Suisse recovers from the previous two years losses. With bonus season looming, the investor event is the duo’s «show me the money!» moment: they can appease shareholders by backing up their springtime promises with the prospect of cold, hard, cash.