Credit Suisse says CEO Thiam received $26.6m in 2015

Credit Suisse says CEO Thiam received $26.6m in 2015

ZURICH - Credit Suisse Chief Executive Tidjane Thiam received 18.9 million Swiss francs (S$26.6 million) in 2015, according to the Swiss bank's annual report published on Thursday.

Thiam received 4.57 million francs in total compensation and 14.3 million francs in replacement awards in the form of shares to compensate for the cancellation of deferred awards from his previous employer.

Thiam, who took over at Credit Suisse from British insurer Prudential last July, is five months into implementing his new strategy for the Zurich-based bank.

A slump in investment banking revenues pushed Credit Suisse on Wednesday to accelerate its cost-cutting plan as Thiam admitted he had been unaware of trading positions that triggered more big writedowns in the first quarter.

On Wednesday, Thiam disclosed that he had asked for his 2015 bonus to be cut by 40 per cent, even more than the 36 per cent cuts in bonuses for staff in the global markets division.

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