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Credit Suisse bosses volunteer for renumeration cuts


Credit Suisse bosses volunteer for renumeration cuts


Credit Suisse has unveiled a range of cost cutting measures to tackle the effects of the surge in the value of the Swiss franc.

They include the board of directors taking a 25 percent pay cut and bonuses for top staff being slashed.

The bank is looking for cost savings of 200 million francs (190 million euros) by the end of 2017.

It plans to move more jobs to lower-cost locations to avoid paying staff in Swiss francs. No details were released about the number of positions affected.

Since the Swiss National Bank abandoned attempts to peg the currency to the euro in mid January the country’s banks and exporters have suffered.

Credit Suisse’ quarterly net profit of of 921 million francs (872 million euros) was though higher than expected despite paying hefty fines last year for helping Americans evade taxes.

It paid out more than $2.5 billion in penalties and Chief Executive Brady Dougan refering to the renumeration cuts said: “Despite the fact that I think people did a good job, they worked hard, it was a difficult issue to work through, the executive board and the board thought that, voluntarily, we should reduce our compensation to just reflect the impact of the settlement’s cost on the firm’s financials for 2014.”

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