One of the biggest drops in pay for any major CEO reflected Credit Suisse’s bad fortunes. Brady Dougan lost 69% in income compared to 2010, when he took home only 5.8 million Swiss francs ($6.3 million) last year.
The Swiss banking power saw a 41% drop in profits so they cut bonuses by 41% across the board, according to the New York Post. However “total compensation declined only 18 percent as the bank paid higher fixed salaries,” according to the article.
Making sure executive pay reflects market realities is a growing trend in Europe as the public increases pressure on extreme corporate pay. “Swiss voters will decide later this year on an initiative that aims at restricting excessive salaries. If accepted, top management salaries will need to win shareholders’ approval at a yearly vote on pay,” the report says.