Former Credit Suisse boss received CHF 10.7 million in 2019

Zurich (hooly News) – Credit Suisse’s former boss, Franco-Ivorian Tidjane Thiam, saw his salary reduced after the spinning scandal that rocked the bank, but he still received 10.7 million Swiss francs (10 million euros) in 2019, according to the annual report published on Wednesday.

For the past year, the former boss of the number two in the Swiss banking sector has received a base salary of 3 million Swiss francs (2.8 million euros), to which were added several variable components, detailed the report.

Part of the variable portion was reduced following the supervisory case which splashed the bank. Compared to the previous year, his total compensation decreased by 15%.

In February, Mr. Thiam resigned after a twist that had started six months earlier with revelations in the Swiss press about the spinning-off of former director of international wealth management, Iqbal Kahn, after his departure for the competing bank UBS.

In September, Sunday newspapers had unveiled an incredible spinning in the streets of Zurich of this former high-ranking executive, tracked by a company of private detectives.

The following month, the operational director, Pierre-Olivier Bouée, had resigned, acknowledging at the end of an internal investigation that he “alone” ordered spinning, without informing his hierarchy, with the aim of protecting the interests of the bank.

He wanted to make sure that the former director of international wealth management did not seek to poach other employees for the benefit of competition, according to this internal investigation, entrusted to a law firm.

The case had rebounded in December when the bank had recognized a second case of espionage, this time concerning the former director of human resources, then in February after revelations in the press affirming that the surveillance had also targeted the environmental organization Greenpeace.

“Mr. Thiam took responsibility for these events”, and accepted a reduction in his variable part, wrote the bank in its remuneration report, which decided to maintain his remuneration until the end of his contract which runs until ” as of August 31.

The bank wanted to acknowledge his contribution to the restructuring of the establishment, insisting that he had not been directly involved in these spinning mills.

He will continue to receive contractual remuneration until August 31, 2020.