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

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