Deals
Credit Suisse Increases Bonus Pool 6%, CEO Thiam Gets $12 Million
- Swiss bank handed out $3.1 billion in bonuses for 2016
- Thiam gets raise after waiving much of bonus last year
Tidjane Thiam.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Credit Suisse Group AG increased its bonus pool 6 percent, defying a trend toward smaller payouts at many of its peers in an effort to prevent an exodus of talent from its investment banking and Asian operations.
The bank awarded 3.09 billion francs ($3.1 billion) in incentive pay for 2016, according to its annual report Friday, even as charges tied to legal settlements pushed it to a second consecutive annual loss. Credit Suisse restated its full-year earnings to reflect an additional charge of 272 million francs to settle U.S. credit union claims related to mortgage securities.