A majority of shareholders approved the executive pay packages at Credit Suisse on Friday, amid backlash from some investors with the bank facing $1 billion worth of losses.
Shareholders approved all four of the Swiss bank's proposed pay packages and bonuses for top management in binding votes at its annual general meeting, Reuters reported. Nearly 85 percent of shareholders voted for a fixed-term pay for the executive board. In another vote, close to 82 percent voted for a proposed long-term bonus pay.
Shareholders gathered Friday for the annual general meeting in Zurich to discuss the bank's strategy. Speaking at the meeting, CEO Tidjane Thiam warned investors of a tough year ahead and said the bank's share price development in recent months has been disappointing.
Thiam said that the performance of Credit Suisse's wealth management business in 2015 was good and remained strong during the first quarter of 2016, but volatile results from its investment bank have manifested itself in poor performance in the fourth quarter of 2015 and to a lesser extent in the first quarter of 2016.