Credit Suisse bosses see wages halved

Brady Dougan

Executives at Swiss banking giant Credit Suisse saw their pay packet shrink by about half in 2011, according to the bank's annual compensation report which was published on Friday.

In 2010, each top manager at the bank took home an average of 10 million francs ($10.9 million) in basic wages and bonuses, but in 2011, each earned an average of 5.4 million francs.

Chief executive Brady Dougan, who made 12.8 million francs in 2010, was paid 5.8 million francs for 2011.

The bank posted a 62 percent drop in net profits for 2011 to 1.95 billion francs, although it issued an optimistic outlook for 2012.

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