Pay Is a Battle Ground as Bankers Don't Accept Cuts, Thiam Says
- Thiam says investment bank is `structurally quite profitable'
- Credit Suisse is shrinking investment bank, focusing on wealth
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Credit Suisse Group AG’s Chief Executive Officer Tidjane Thiam said investment bankers are ready for a fight when it comes to compensation cuts.
“The battle ground is remuneration,” Thiam said at a conference in Paris on Tuesday. “The business is structurally quite profitable provided the pay can go up and down. It’s the ‘and down’ that they don’t accept,” he said, referring to bankers in the securities unit.