Credit Suisse chairman to forego bonus

Investment bank Credit Suisse revealed on Tuesday that chairman Axel Lehmann will forgo a payment of CHF 1.5m (£1.35m) for his first full year on the job following the group's worst annual performance since the global financial crisis in 2008.

According to Credit Suisse's delayed compensation report, Lehmann, who took over as CEO in January 2022, will not receive the fee, one that is usually paid on top of board members' salaries.

Lehmann was allocated compensation of CHF 3.0m (£2.7m) for the the year ending April 2023. CS also plans to raise the total amount of the chairman's compensation paid in shares to 50% from 33%.

His move comes after other executive board members opted not to receive a bonus due to the lender suffering record outflows of client funds and a slump in its share price. Credit Suisse has already disclosed it expects to make another substantial loss this year.

As of 0910 GMT, Credit Suisse shares were down 2.88% at CHF 2.19 each.

Reporting by Iain Gilbert at Sharecast.com