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Credit Suisse Lost Nearly $3Bn, Yet Paid CEO $8Mn in Bonuses. Sheesh!
[Photo: CS Zurich Office / Forbes.com]
Not everyone agreed with the Credit Suisse Board of Directors' decision to award CEO Tidjane Thiam $12 million in compensation for 2016. As noted in the bank's Annual Report for 2016, the CS Compensation Committee opted to look past back-to-back annual losses and instead focused on Mr. Thiam’s progress and successful efforts - which were undeniably commendable. [See Financialish, 3/24]
One critic of the decision was Dominic Elliott, a columnist at Reuters Breakingviews. He suggests a range for Thiam of no bonus to just one-half of his actual $8 million bonus, based on the facts that he failed on such metrics as adjusted profitability, shareholder returns, and delivering on the bank’s strategy and leadership.
Apparently the hunting season is still in session for European bank CEO's.
[Click link to continue reading.]
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