Credit Suisse Group AG chief Brady Dougan took a more than 50 percent pay cut last year as the bank's earnings slumped 62 percent and its stock tumbled 41 percent, the bank said on Friday. Yet Dougan still drew criticism for banking 5.8 million francs ($6.3 million) in salary and share-based bonuses, which the Swiss lender said recognised his contribution to long-term strategy.
Dougan, paid 12.8 million Swiss francs in 2010, did not comment. Through a host of past share-based bonus programmes, he holds Credit Suisse stock worth more 22.6 million francs and another 5.1 million worth of shares yet to vest. Dougan was not Credit Suisse's top earner for 2011 - that honour went to Robert Shafir, who earned 8.5 million francs for running the asset management arm which posted a 10 percent rise in pretax profit. Shafir's pay for 2010 was not disclosed. Credit Suisse said Shafir had successfully repositioned the asset management unit and cut costs.
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