Credit Suisse executive board will not receive a bonus for 2022

FILE PHOTO: A logo is pictured on the Credit Suisse bank in Geneva,

ZURICH (Reuters) – Credit Suisse group’s executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the first time in more than 15 years, the Swiss bank said in its annual report published on Tuesday.

In February, Credit Suisse Group reported that 2022 was its biggest annual loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, and it warned that a further “substantial” loss would come this year.

Chief Executive Ulrich Koerner earned 2.5 million francs in 2022, including for his role at Credit Suisse before taking over as CEO in July.

Axel Lehmann proposed to voluntarily waive his chair fee of 1.5 million francs, bringing his total compensation for his first year as Chairman to 3.2 million francs.

($1 = 0.9129 Swiss francs)

(Reporting by Noele Illien, Editing by Louise Heavens)