TIDJANE Thiam remained one of the best paid bankers in the world last year, despite a spying scandal that shocked the Swiss financial establishment and led to his departure from Credit Suisse.
The former Prudential chief executive was paid £9.2 million, the annual report revealed, down from £10.9 million a year earlier.
While his short-term bonus was down 50% to 3.3 million Swiss francs (£2.8 million) he got a long-term incentive award of 3.9 million Swiss francs, in shares, deferred for three years. He has kept another £9.2 million in Credit Suisse shares.
Thiam was ousted after a bitter battle with chairman Urs Rohner. Revelations about surveillance carried out on departing senior employees, such as wealth management boss Iqbal Khan, damaged confidence in his leadership.
An inquiry found no evidence that Thiam had done anything wrong.
Board member Kai Nargolwala claimed: “Mr. Thiam has taken accountability for the events and accepted a reduction of his non-financial assessment score,” because “the observation matter had a significant impact”.
Pierre-Olivier Bouée, the chief operating officer who carried the can, was dismissed for cause at the end of last year. He got no bonus for 2019.
Rohner has reportedly tried to extend his tenure as chairman but seems not to have persuaded shareholders to back him. He will leave at the 2021 annual meeting – a replacement is being sought.
Rohner’’s own pay is not insignificant. He has been paid £3 million or £4 million a year over his tenure.
Credit Suisse made its highest profit for a decade in 2019, seeming to credit Thiam’s strategy of pulling back from investment banking to focus on wealth management.
His former rival Khan now works for UBS.
Thiam, 57, will shortly join the board of Kering, the French luxury group.
Credit Suisse’s new chief executive Thomas Gottstein will initially be paid less than Thiam.
Observers of the Swiss financial scene say the establishment will be more comfortable with Gottstein, a local.
