Credit Suisse Cuts Executive Pay Amid Earnings Slump

Pay for Credit Suisse Chief Executive Officer Brady Dougan fell more than 50% as bank earnings decreased 62% in 2011. Credit Suisse

paid its 13 executive board members a combined about 70.3 million Swiss Francs after paying the 16 member board a total of 160.3 million francs for performance in 2010. In the same time period the bank's net profit fell from 5.1 billion to 1.95 billion francs. Asset-management head Robert Shafir will receive 8.5 million francs, the most of any board member. He was credited with repositioning the asset management unit, cutting costs, managing risk and focusing on fee-based revenue. Last year the highest paid board member, Antonio Quintella, earned 15.63 million francs as head of the Americas region. "The compensation is too high in proportion to the drop in the bank's financial results," Roby Tschopp, of Swiss shareholder activist group Actares, said to Reuters about the executive board pay. Dougan will receive 5.82 million francs, down from 12.8 million francs for 2010 performance. His base salary was the same and he received fewer share awards and other types of deferred pay. Credit Suisse decreased 2011 bonuses by 41% following the second consecutive quarterly loss of the securities Unit, the company announced last month. Dougan's pay “reflects the lower financial performance compared to the prior year and the lower share price, and also recognizes Mr. Dougan's contribution to the long-term execution of the strategy and positioning of the firm in a changing regulatory and industry environment,” the bank said in its annual report. Credit Suisse shares fell 42% in 2011 compared to a 32% decrease in the Bloomberg Europe Banks Index for the same time. CEO of fellow Swiss bank UBS

Sergio Ermottie will receive 6.35 million francs for his 2011 performance.