Employees at Credit Suisse won’t get large pay increases this year as Switzerland’s second-largest bank is looking to conclude a three-year restructuring. Shareholders by contrast can expect to receive something in return for their patience.

Chief Executive Officer Tidjane Thiam said that staff at the Zurich-based bank will receive a «fair» pay rise, but nothing «spectacular», speaking in an interview with «Bloomberg TV». Moderate pay increases are in line with a low rate of inflation and comes after the bank had to raise 10 billion Swiss francs from shareholders to boost its capital.

However, Thiam aims to return capital to shareholders as the bank generates a higher rate of profit: «The shareholders have been through a lot,» he told «Bloomberg TV».

Bonus Sparked Criticism

The bank last year increased the bonus pool by 6 percent to 3.1 billion francs, even after it posted a second consecutive loss. Shareholders complained that the boss received an excessive bonus and Thiam eventually relinquished 40 percent of his bonus.

Thiam still received 10.2 million francs in compensation, making him one of Europe’s top-paid managers.

UBS Switzerland Pay Round

UBS, Credit Suisse' arch rival, on Monday said that Swiss-based staff up until the middle management will get a total increase of 1 percent next year, reflecting their individual performance and market conditions.