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Swiss bank pay to fuel bonus anger

Swiss bank pay to fuel bonus anger
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The latest bankers’ pay announcements in Switzerland will likely stir more debate and dismay there.

Credit Suisse has revealed it upped the renumeration of Chief Executive Brady Dougan by one third last year – to the equivalent of almost 6.4 million euros.

Chairman Urs Rohner’s pay also rose by a third.

Dougan’s pay rewards him for scaling back the bank’s risk in 2012, improving capital, slashing spending and restructuring, the board’s pay committee said.

That follows word last week that UBS paid its boss Sergio Ermotti the equivalent of almost seven million euros last year and gave a 20 million euro welcome package to its new investment bank chief.

UBS had to be bailed out by the Swiss government nearly five years

Anger over compensation recently drove Swiss voters to back some of the world’s strictest controls on executive pay. As result public companies have to give shareholders a binding vote on compensation.

Deutsche Bank cuts CEOs pay

Deutsche Bank will pay co-Chief Executives Anshu Jain and Juergen Fitschen 4.8 million euros for 2012, docking pay after the bank was forced to restate its earnings due to additional legal provisions.

“This is significantly below the European average,” chairman Paul Achleitner said at a news conference about pay reform at the lender on Friday.

When asked whether pay had been adjusted to reflect Deutsche Bank’s restated 2012 results, which were revised downward because of a 600 million euro increase in litigation provisions, Achleitner said, “Naturally.”

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