Credit Suisse cut its bonus payouts for executive staff by 57% in 2011, compared to 2010.
The Swiss bank’s Full-year and fourth quarter results 2011 also showed that group-wide total discretionary variable incentive awards were down 41% compared to 2010.
The compensation and benefits across the organisation was SFr1,364 million in the fourth quarter of 2011, 25% lower than in the fourth quarter of 2010, and 6% lower than in the third quarter of 2011.
Credit Suisse also introduced its PAF2 plan in January 2012, part of its deferred variable awards for senior staff. The plan, a transfer of risk from the banking group to employees, will provide directors and managing directors at the bank with part of their compensation in the form of a nine-year structured bond.†
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