March 25, 2020 / 6:19 AM / 14 days ago

Credit Suisse spying scandal hits ex-CEO Thiam's bonus

ZURICH, March 25 (Reuters) - The surveillance scandal at Credit Suisse cost former Chief Executive Tidjane Thiam part of his bonus in 2019, when his overall compensation fell 15% to 10.7 million Swiss francs ($10.92 million), the Swiss bank’s annual report showed on Wednesday.

Thiam “has led by example in terms of personal commitment to the group’s conduct and ethics standards, but recognising that the observation matter had a significant impact on the group, his non-financial assessment score has been reduced,” it said.

Thiam quit in February after the scandal over secret spying on senior executives hit the reputation of one of Europe’s largest banks and shocked Switzerland’s financial community.

Switzerland’s second-biggest bank also confirmed that Chairman Urs Rohner would step down as of the 2021 annual meeting and that a search for his successor was making progress.

($1 = 0.9796 Swiss francs)

Reporting by Oliver Hirt, writing by Michael Shields, editing by Thomas Seythal

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