Back in November, we learned that Credit Suisse would likely cut bonuses by up to 60%, a move that CEO Tidjane Thiam predicted would lead to a whole lot of bitching and a whole lot of moaning by people who don't understand that if your performance for the year was in the toilet, your bonus should be too. And while Thiam himself has apparently been doing A+ work in the c-suite, he's chosen to take one for/with his underperforming team.
The CEO of Credit Suisse Group AG has asked his board to slash his bonus, after the Swiss bank posted quarterly results that sent its share price tumbling lower. “I have asked the board of directors for a significant reduction in my bonus,” said Tidjane Thiam, who took over as chief executive in July and has sought to commence a revamp of Credit Suisse amid challenging conditions. Mr. Thiam said his bonus “has been substantially reduced,” though he didn’t elaborate. He added that, “the board of directors explained to me at the same time that people are happy with my work.”