Credit Suisse cuts executive pay

Credit Suisse Group executives took substantial pay cuts last year, with the bank’s stock tumbling 41% and its earnings slumping 62%.

CEO Brady Dougan, who was paid 12.8 million Swiss francs in 2010, had his pay slashed by 55% and currently banks 5.8 million francs in salary and share-based bonuses.

He also holds Credit Suisse stock worth more than 22.6 million francs, along with 5.1 million francs worth of shares yet to vest.

However, Robert Shafir, head of asset management for the company, topped the list of 2011 earners by banking a total of 8.5 million francs in 2011.

Both pay disclosures are expected to cause public outrage, especially in Switzerland where Credit Suisse has been pushed to cut costs.

Across the entire executive suite, average pay last year was almost halved, from 10 million francs to 5.4 million francs with the cut in variable even steeper than the 41% cut across the group as a whole.

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