Credit Suisse boss receives bonus

Credit Suisse has handed out a pay rise to Chief Executive Brady Dougan

Credit Suisse has handed out a pay rise to Chief Executive Brady Dougan

in the wake of a heated debate over banking bonuses.

The Swiss bank increased Dougan's pay for 2012 by a third to 7.8m Swiss Francs despite posting a fall in annual net profit.

The lender also increased its bonus pool by almost 15% to 3.4bn Swiss Francs for its overall staff.

It comes as financial institutions are being put under the microscope amid a banking crisis across Europe.

Switzerland has put a limit on executive pay and the European Union is planning a bonus cap for senior bankers.

However, it has not stopped banks from increasing its bonuses to executives, enabling UBS to pay its Chief Executive Sergio Ermotti a bonus of 8.9 Swiss Francs.

Dougan received a pay upgrade after calling 2012 "a year in transition" in the wake of 2,300 job losses and cutbacks in the investment bank.

Net profit fell by more than a quarter to 1.35bn Swiss Francs last year.

The bank has introduced a cap on executives bonuses, limiting the overall short-term and long-term bonuses for the boss to a maximum of 4.5 times his salary.

Dougan received a salary of 2.5m Swiss Frances last year, so his maximum pay could have been SFr13.75m.

RD

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

House prices could fall 30%. Should investors be worried about a repeat of 2008?
Investments

House prices could fall 30%. Should investors be worried about a repeat of 2008?

Some analysts are predicting that house prices could fall as much as 30%, which, when compared to the fact that prices have jumped 28% since April 201…
24 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023
Is the State Pension triple lock doomed to fail?
Pensions

Is the State Pension triple lock doomed to fail?

The State Pension triple lock guarantees an increase in the state pension every year, but this assumes government income grows every year as well, whi…
25 Jan 2023