Tidjane Thiam is not feeling that Christmas spirit, you guys...
Credit Suisse Group AG Chief Executive Officer Tidjane Thiam, who agreed to accept a lower bonus this year, said employees shouldn’t think about a big pay rise for 2017 as the bank emerges from two years of restructuring.
“This year, with the improvement in results, there will be a balance,” Thiam said Tuesday in an interview on Bloomberg TV. “You should not expect anything spectacular, but something fair. Not a big increase compared to the previous year.”
And when you put together "Something fair" with "Credit Suisse" you can't help but picture coal in stockings, especially if long-suffering shareholders have their say. Thiam is trying to run the final lap of his restructuring, and while he tickled everyone with a feather last Christmas, that was really aimed at retention and attracting Deutsche Bank refugees. He's still paying fines and trying to get everyone to forget that investment banking is even a thing. His job is hard, and it's not getting easier, so this year's Credit Suisse's bonuses will be handed out with the caveat of "You get what you get and you don't get upset."