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Credit Suisse execs earn less following 2020 headaches

Credit Suisse execs earn less following 2020 headaches

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo

ZURICH: Credit Suisse executives earned 12per cent less in total aggregate compensation in 2020, the bank's annual report showed on Thursday, as bonuses were hit by legal matters, anticipated credit losses and a hit from a writedown in its asset management business.

Executives were awarded 68.4 million Swiss francs (US$74.08 million), the report showed, while CEO pay also fell.

Chief Executive Thomas Gottstein became head of the bank last February after the abrupt departure of predecessor Tidjane Thiam.

(US$1 = 0.9233 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi, editing by Silke Koltrowitz)

Source: Reuters

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