Turkey- Credit Suisse posts first annual loss since 2008

Spokeswoman Anuschka Ross said the bank is “not giving numbers at the moment” about the size of the cut in the bonus.

LONDON-The CEO of Credit Suisse Group AG has asked his board to slash his bonus, after the Swiss bank posted quarterly results that sent its share price tumbling lower.

Switzerland’s second-largest bank reported a worse-than-expected 2015 net loss of 2.94 billion Swiss francs ($2.97 billion) after booking a big impairment charge at its investment banking business. Within the leadership team I am taking the biggest cut.

Credit Suisse is cutting bonuses in its investment banking division by 36%.

Tidjane Thiam arrives for a Credit Suisse news conference in Zurich, March 10, 2015.

Meanwhile, Dow Jones reported that Tidjame has asked the board for “a significant reduction” in his bonus, although he did not elaborate further.

The Financial Times did not cite a source for the percentage that Thiam’s bonus will be cut.

Analysts are still unsure about how Credit Suisse will hit so-called growth targets however in the same report by Swiss paper Sonntagszeitung on Sunday, he said a statement he had made in October, when he announced his major overhaul of Credit Suisse, about 2018 profits was misunderstood.

Last week, the Swiss lender reported a pre-tax loss of CHF 2.4bn (£1.7bn) for its full-year results, as well as a loss of CHF 6.4bn in its fourth quarter.

Thiam, who took the helms of the bank in July, stated that he would continue with his plans to concentrate more on wealth management in developing economies and reduce costs (mainly jobs) in the investment bank, even with the uneasy start of the year.