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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Review: Eden Roc Cap Cana – fun, sun and golf in the Caribbean
Travel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
-
Reeves delays cash ISA reform, but savers are not out of the woods yet
The chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry