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Credit Suisse CEO wants cut in his bonus

credit08febCredit Suisse’s CEO Tidjane Thiam has asked the board of the bank to cut down his bonus in the wake of the bank reporting a substantial loss in the fourth quarters. Thiam said he has asked the board of directors for a significant reduction in his bonus. Thiam, who joined the bank in July, did not indicate the size of the reduction in his bonus, but said his was the largest reduction within the management team. The bank posted a loss of 5.83 billion Swiss francs, or about $5.88 billion, in contrast to a profit of 691 million francs in the same quarter a year earlier. The loss was greater than analysts had expected and sent the bank’s shares down as much as 12% in Zurich trading. The loss was largely because of a write-down of 3.8 billion francs after Credit Suisse reassessed the value of its investment bank as part of a continuing overhaul. The full-year loss of 2.94 billion francs, or $2.96 billion, was the first annual loss for Credit Suisse since the bank reported a record loss of 8.2 billion francs in the midst of the financial crisis in 2008.

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