Credit Suisse Cuts CEO Brady Dougan's Pay

By John Letzing 

ZURICH-- Credit Suisse Group AG on Friday said outgoing Chief Executive Brady Dougan received a pay cut for 2014, a year when Swiss bank struggled to maintain its profit as it was dogged by legal issues.

Zurich-based Credit Suisse said Mr. Dougan, who has led the bank since 2007 and is due to step aside at the end of June, received 9.7 million Swiss francs ($9.8 million) in total compensation for 2014. That compares to 9.79 million francs in the prior year.

Credit Suisse announced earlier this month that its longstanding chief executive would be replaced by Tidjane Thiam, who currently serves as CEO of U.K.-based insurer Prudential PLC.

Mr. Thiam will join an 11-member executive board that collectively received 64.06 million francs in compensation for last year, compared with 64.77 million francs for what was then a nine-member group in the prior year.

Credit Suisse had previously disclosed that executive board members including Mr. Dougan would see the equivalent of a 20% reduction in their bonuses for last year, tied to the bank's settlement last May of a U.S. probe into whether it had helped American clients evade taxes. Credit Suisse agreed to pay $2.6 billion to settle the matter and pleaded guilty to a criminal charge of conspiring to aid tax evasion.

Overall, the bank reported a 19% decline in net profit for 2014 compared with 2013, despite net revenues rising 2%.

Write to John Letzing at [e-mail]

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