ZURICH, April 18 Credit Suisse Chief
Executive Tidjane Thiam's 2016 compensation will total 10.24
million Swiss francs ($10.2 million), down from 11.9 million
after the Swiss bank's top management offered to cut their
bonuses by 40 percent following mounting shareholder pressure.
Overall, Thiam's compensation will be reduced by 4.67
million francs in the bonus cut, Jean Lanier, chairman of Credit
Suisse's compensation committee, said in a letter to
shareholders. However, 3 million francs of the reduction will
come from planned long-term payments for 2017.
Despite the bonus cut, announced in a brief statement last
week, proxy adviser Glass Lewis has still advised shareholders
to reject the bonus payments in a binding vote at Credit
Suisse's annual investor meeting on April 28, Swiss broadcaster
($1 = 1.0037 Swiss francs)
(Reporting by Joshua Franklin)