Credit Suisse Still Discussing Former CEO Thiam’s Bonus, SZ Says

(Bloomberg) -- Credit Suisse Group AG hasn’t decided whether to approve the final bonus of former Chief Executive Officer Tidjane Thiam, Swiss newspaper SonntagsZeitung reported, without saying how it got the information.

The bonus is partially based on the bank’s latest results, which benefited from one-time effects, according to the paper.

“The compensation committee decides what is included in the adjusted figures and what is not,” Credit Suisse spokesman Sebastian Kistner said when contacted by Bloomberg on Sunday, adding that positive factors were the result of strategic decisions and the bank’s profit was also hurt by provisions for litigation.

Thiam presented his last results on Thursday after a tumultuous four years in charge, marked by a painful restructuring that tapped shareholders for billions of funds and saw the once-revered Wall Street trading house pare back trading.

Read more: Thiam Reflects on Legacy, Performance in Subdued Appearance (2)

The Ivorian, after exiting overhaul mode, saw the final months of his tenure sink into a tabloid scandal after a feud with his former head of wealth management escalated into a fully-fledged corporate spying scandal, culminating in his exit last week.

--With assistance from Patrick Winters.

To contact the reporter on this story: Leonard Kehnscherper in Zurich at lkehnscherpe@bloomberg.net

To contact the editors responsible for this story: Katerina Petroff at kpetroff@bloomberg.net, Sara Marley, James Amott

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