Credit Suisse says CEO Thiam paid 11.9m swiss francs in 2016

[ZURICH] Credit Suisse Chief Executive Tidjane Thiam received 11.9 million Swiss francs (S$16.728 million) in 2016, Switzerland's second-biggest bank disclosed in its annual report on Friday.

This compared to the 4.57 million francs he earned in 2015 after joining Credit Suisse on June 22. UBS Chief Executive Sergio Ermotti received 13.7 million francs for 2016.

Zurich-based Credit Suisse also said it had reached a settlement in principle to resolve a residential mortgage-backed securities (RMBS) case with the National Credit Union Administration Board (NCUA), deepening its 2016 net loss to 2.71 billion francs from 2.44 billion.

REUTERS