Credit Suisse CEO takes big bonus cut after only 7 months on the job

Credit Suisse - CEO Tidjane Thiam bonus cut

CEO Tidjane Thiam has only been on the job at Credit Suisse for the last seven months and already he is offering to personally take a big bonus cut.

Thiam on Monday said he would take the biggest cut at the bank after Credit Suisse posted its first loss since the financial crisis in 2008.

Shares in Credit Suisse have fallen to a 24-year low after the bank posted a loss of 2.9 billion Swiss francs ($2.8 billion) in 2015 and announced it would cut 4,000 jobs.

“I have asked the board of directors for a significant reduction in my bonus. Within the management team, the cut is greatest in my case. I cannot demand sacrifices from others and not make any myself,” Thiam said.

His bonus could be cut by as much as 50%, the Financial Times reports.

Thiam was hired in July with the aim of reshaping the bank. As part of those efforts he raised capital from investors and promised to cut 3.5 billion francs by the end of 2018

SEE ALSO:
What You Should and Shouldn’t Do With Your Business Plan

Cuts at Credit Suisse have been swift and deep. Bonuses in its investment banking division were cut by 36%. Across the bank cuts of 11% were made.

Thiam wants the bank to focus more on wealth management and emerging markets, and less on investment banking.

The firms investment banking and capital markets declined 17% in 2015, and the bank wrote down the value of its investment banking business by 3.8 billion francs ($3.8 billion) in the fourth quarter.