Jackpot for the CEO of Credit Suisse
Credit Suisse said Thursday that its chief executive Brady Dougan had received 19.2 million Swiss francs (13 million euros) in cash and stock for the year 2009, making it one of the leaders the more lucrative banking sector.
This high level of pay, despite the profits generated by the bank in 2009 and its recent efforts to make its system more transparent compensation, likely to raise criticism from shareholder activists and political parties in Switzerland, where the Parliament debate new wage rules including the introduction of a ceiling on salaries.
In detail, the head of the Swiss bank has received a base salary of 1.3 million Swiss francs and a bonus of 17.9 million.
Huge side of France
"Such compensation for the CEO of Credit Suisse seems huge in terms of what affect the patterns of French banks," says Cyril Bellanger, at Proxinvest. At Societe Generale, Frederic Oud?a received 1.11 million euros of fixed and variable."He had no options or free shares," says analyst research firm specializing in executive compensation.
At BNP Paribas, Baudouin Prot has received 950,000 euros of fixed and 1.4 million bonus. The bank emerged in 2009 a net profit of 5.8 billion euros (+93%), third in the ranking of the best banking performance in 2009, after Barclays and Santander.
Other DGs have refused their bonuses
In Britain, the CEO of Barclays John Varley declined – as in 2008 – to receive his bonus for Payday Loan Bad Credit . The British bank posted a profit doubled to 10.4 billion pounds over the past year, crushing all its European competitors.The institution intends to distribute 1.5 billion in cash bonuses.
Same attitude towards Royal Bank of Scotland in Edinburgh: Stephen Hester has waived his bonus. The Scottish bank posted a net loss after minority interests of 3.6 billion pounds, about 4.1 billion euros, against a loss of 24.3 billion the previous year.
Back in Switzerland, the CEO of the first institution in Switzerland, UBS, Oswald Gr?bel has waived its variable pay and decided to reduce his base salary of 2 million Swiss francs to 850,000 francs (583,000 euros).It is the responsibility of the Investment Banking Division which was the better off for the year 2009 with a premium of 12.5 million Swiss francs, or 8.6 million.
In late January, in a context where wages are banking scandal in the United States and despite a profit of nearly $ 5 billion in the fourth quarter of 2009, Goldman Sachs has decided to limit the pay of the hundred top leaders based the United Kingdom, one million pounds (1.13 million euros).
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