Bonus Watch '14: Departing Credit Suisse Chiefs (Still Do Pretty Well For Themselves)

Brady Dougan, whose going away party will be held in June, took the tiniest pay cuts.
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Brady W. Dougan, the outgoing chief executive of Credit Suisse, took a slight pay cut in 2014 as the Swiss bank faced what it described as a “challenging” macroeconomic environment and saw its annual results hurt by legacy legal issues. In its annual report on Friday, Credit Suisse, based in Zurich, said Mr. Dougan received total compensation of 9.7 million Swiss francs, or about $9.8 million, in 2014. That compares with 9.79 million francs in 2013. [Dealbook]

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Layoffs Watch '12: Credit Suisse

While Brady Dougan is keeping his job, the same cannot be said for 1/3 of European investment bankers. Credit Suisse is to cut senior staff in its European investment banking department by up to a third, three sources familiar with the matter said, as tighter regulation and weak markets hit the sector. "In the European investment banking business, they are going to get rid of 60 directors and managing directors," one source said on Monday. The investment banking department affected advises on mergers and acquisitions, stock market listings, financing and debt issues, as opposed to other areas of the broader investment bank that focus on securities trading. "It is about a third of the directors and 10-15 percent of the MDs," the first source said, referring to what are typically two most senior job ranks in the banking world. The layoffs would happen in July, this person said. The formal redundancy process can last several months. A second source said the cuts could end up affecting 20-30 percent of senior investment banking staff in Europe. Credit Suisse To Make Heavy Job Cuts In Europe [Reuters]