Credit Suisse chairman took a pass on $1.6 million award, had his pay cut

Credit Suisse's chairman took a pass on a $1.6 million award and had his pay cut

Credit Suisse chairman Axel Lehmann gave up a $1.6 million award and took a pay cut, as the Swiss bank continues to face troubles after recording its poorest financial performance since 2008.

The bank is also increasing the percentage of Lehmann's salary paid in shares to 50%, from 33% currently. "We have identified material weaknesses in our internal control over financial reporting as of December 31, 2022 and 2021," the"Management did not design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements," it added.

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