Credit Suisse bucked the trend set by some of its European peers and increased bonuses by six per cent last year as Tidjane Thiam, chief executive, pressed ahead with the restructuring of the Swiss bank.
Total variable incentive compensation awarded rose to SFr3.09bn in 2016 from SFr2.92bn in the previous year, according to Credit Suisse’s annual report published on Friday.
Since taking the helm in July 2015, Mr Thiam has pushed to expand Credit Suisse’s businesses managing the wealth of the world’s rich, especially in fast-growing emerging economies, and has contracted its investment bank.
Credit Suisse reported a net loss of SFr2.7bn last year after agreeing a settlement with US authorities over the alleged mis-selling of toxic mortgage securities.
Germany’s Deutsche Bank last year cut its bonus pool by almost 80 per cent. Earlier this month, Swiss rival UBS revealed a cut of 17 per cent reduction after it missed out of the trading boom which had helped boost profits at US rivals.
Credit Suisse’s annual report showed Mr Thiam received total compensation of SFr11.9m last year. That was less than Sergio Ermotti at UBS, who received SFr 13.7m. In 2015 Mr Thiam received SFr 4.57m for the period he worked at Credit Suisse.
Credit Suisse’s bonus pool was shared between 43,412 employees in 2016, up from 43,225 in the previous year.