No cost cutting in evidence yet at Credit Suisse

Outlook

Tidjane Thiam talks tough. A darling of the City when he ran the Pru, he’s now in charge at the troubled conglomerate Credit Suisse. Yesterday, while reporting terrifying losses, he declared he’d be slashing staff and bonuses. Thousands of those affected are in London.

But look closely and you see overall pay leapt 20 per cent year on year and staff numbers rose 5 per cent in the last quarter of 2014. The average employee got £165,000. Mr Thiam has an Alp or two to climb before wages match reality.