'In the past few years, certainly, the shareholders have taken a bigger reduction in their returns than labor has within the business model', Dougan, 53, said in an interview with Bloomberg Television’s Erik Schatzker to be broadcast Tuesday.'That’s not sustainable. That’s not right'.
Bloomberg reports that Credit Suisse, which has dropped 72% since Dougan took over in May 2007, has sought ways to realign shareholders and bankers’ interests.
In 2008, the company paid a portion of senior employees’ bonuses in bonds linked to a pool of toxic assets, helping the firm to dispose of risky holdings and free up capital. The bonds returned 75% between the end of 2008 and November 2011, people with knowledge of the results have said. The firm revived the practice for 2011 pay.
Hit the link below to access the complete Bloomberg article:
Dougan Calls Bankers Out-Earning Investors Unsustainable
JPMorgan Whale Pushed for ‘Young’ Trader Who Later Took His Job
JPMorgan Chase Won’t Face Revived Suit Over Silver Manipulation
The Alchemists: Three Central Bankers and a World on Fire
Hubris: How HBOS Wrecked the Best Bank in Britain
