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.
With his bank nearing the end of its second year of restructuring, Credit Suisse CEO Tidjane Thiam has moved to temper his employees anticipation on improved remuneration and potential bonus payments.
Earlier this year, Credit Suisse's top management won shareholder approval for millions in cash and stock as short-term bonuses – but only just.
Employees shouldn’t think about a big pay rise for 2017 as the bank emerges from two years of restructuring the chief executive said in an interview with «Bloomberg.» «You should not expect anything spectacular, but something fair, not a big increase compared to the previous year,» said Thiam.
Bruising Pay Fight
In April after being battered by weeks of critical pay headlines, amid opposition from influential shareholder groups to million-franc rewards for top management and board bonuses, Thiam and chairman Urs Rohner relinquished millions in lucrative bonus schemes.
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 the broadcaster.
