Credit Suisse chief Brady Dougan rewarded with 34% pay rise

 

Brady Dougan, chief executive of Credit Suisse, received a 34% pay rise last year, taking his total package to Swfr7.7 million (£5.4 million).

The bank, which has thousands of employees in Canary Wharf, doubled pre-tax profits last year to Swfr5 billion. It said Dougan’s pay and bonuses had been based on a strong performance in 2012 and “his achievements in positioning the firm for the future”. Credit Suisse cut 2300 jobs last year.

But Dougan was not the highest-paid board member. That title went for the second year running to Robert Shafir, co-head of the newly merged private bank and asset management unit. His overall pay was Swfr10.59 million last year, up from Swfr8.50 million.

The rises came as Switzerland looks set to put in place some of the strictest executive pay rules in the world. A referendum backed forcing companies to put all pay awards to shareholders.

Sergio Ermotti, chief executive of rival bank UBS, was paid Swfr8.9 million in 2012 while the head of investment banking Andrea Orcel had a Swfr25 million joining package.

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