Credit Suisse's chief executive has announced he is waiving part of his bonus after the bank reported its first full-year loss since 2008.
"I have asked the board of directors for a significant reduction in my bonus," Credit Suisse CEO Tidjane Thiam said in a statement released on Sunday. The announcement was first reported in German newspaper Sonntagszeitung on Sunday.
"Within the management team, the cut is greatest in my case. I cannot demand sacrifices from others and not make any myself," he said, adding that his bonus had been "substantially reduced" although he did not elaborate further on the amount.
Last Thursday, the Swiss bank posted a pre-tax loss of 2.4 billion Swiss francs ($2.38 billion) in the fourth quarter. The net loss came in at 2.9 billion Swiss francs and marked its first full-year loss since 2008.
Thiam took over from Brady Dougan as CEO in July 2015. Since then, he has embarked on a strategy to shrink the group's investment bank and cut costs.
Concluding the statement, Thiam said that despite waiving part of his bonus, theboard of directors explained to him "that people are happy with my work."