Credit Suisse boss Tidjane Thiam's pay fell 5 percent last year, while that of controversial Chairman Urs Rohner rose more than 7 percent.
The Swiss bank paid its Chief Executive Tidjane Thiam 9.70 million Swiss francs ($10.26 million) last year, according to Credit Suisse's annual report released on Friday. This is slightly less than the 10.24 million he voluntarily reduced his salary to last year following a massive backlash.
The bank, which recorded its third straight net loss under Thiam last month, paid the CEO nearly 2 million francs in bonus cash on top of his 3 million fixed salary. He was also awarded a deferred bonus instrument that could be worth more than 4 million if he hits targets.
UBS vs Credit Suisse
Credit Suisse's 12-person top management also took a slight cut: the executives including finance chief David Mathers, operating head Pierre-Olivier Bouee, and compliance chief Lara Warner earned a combined 69.9 million francs last year, down from 73 million francs.
Last year represents the second year of Thiam's extensive three-year restructuring of the bank, in which it has tapped shareholders for 10 billion to shore up its capital. UBS paid long-standing CEO Sergio Ermotti 14.2 million Swiss francs last year, making him one of Europe's best-paid bankers.
Pricey Chairman
The bank's chairman, Urs Rohner, paid himself 4.23 million francs, a 7.5 percent rise from 4 million last year. Rohner, formerly Credit Suisse's chief lawyer and operating chief, is the highest-paid board member by far, before former U.K. regulator John Tiner and ex-CSFB investment banker Richard Thornburgh, who were each paid 1.3 million last year.
Credit Suisse's overall bonus pool rose by 100 million francs to 3.2 billion francs. Total spending on pay fell to 10.3 billion francs from 10.6 billion in 2016, as a result of Credit Suisse's job cuts linked to the restructuring.
