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Report: Credit Suisse top execs get bonuses for loss-making 2015

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Report: Credit Suisse top execs get bonuses for loss-making 2015

Credit SuisseGroup AG shareholders approved of the management's proposal to paytop executive bonuses for 2015 despite reporting a , Reuters reported April 29.

Shareholders of the bank, which saw its 40% drop in shareprice since July 2015, criticized CEO Tidjane Thiam and Chairman Urs Rohner butpassed all management pay proposals with a majority of more than 80% and re-electedRohner chairman, the newswire reported.

Thiam, who wants to reduce the bank's investment bankingoperations to focus on wealth management, told the shareholders that thestrategy will"lead to success in the long term," according to the report. Rohneralso expressed his belief that the bank's strategic plan was the correct wayforward, but added that the implementation of the plan would make"considerable demands on all the parties concerned over the next twoyears," the newswire reported.

Although key shareholders support Thiam's strategy, thereare concerns that the bank's expansion in Asian wealth management is coming ata time when Chinese growth is slowing down, the newswire noted. There are alsoconcerns that the bank will not be able to achieve Thiam's growth targets.