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28 May 2017 06:50 (South Africa)

Credit Suisse rethinks compensation


Credit Suisse, one of the biggest Swiss banks, announced on Tuesday that it will bring its compensation policy in line with pay practices announced at the September G-20 meeting in Pittsburgh, USA. The bank will hold its executives much more tightly to their performances and the new mix of salaries and bonuses will allow it to claw back payouts should the bank’s fortunes change. In other bad news for executives, their stock will vest over four long years, and the cash portion will pay out in three (also long) years. Should the bank, or the specific division, perform worse over that period, their compensation will be scaled back. While this is a brave move for Credit Suisse (and also good PR), it will only work if all other big banks adopt a similar stance, and soon. Only time will tell. Read more: The New York Times

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