It’s not something we see every day in the banking sector, but it seems that at least one major banking executive believes in personal accountability and tying his own financial rewards to the overall performance of his organization.
In a rare move of personal responsibility, Credit Suisse CEO Tidjane Thiam stated that he would like to see his bonus reduced after the megabank reported its first loss since the financial collapse of 2008.
Credit Suisse saw shares lose almost a quarter of their value on the back of reports that it has a loss of 2.9 billion Swiss Francs. The bank also announced that it would cut 10% of its global workforce, slashing 4,000 jobs.
Thiam went on to say that he had asked the bank’s board of directors to reduce the salaries of management overall, but that he had requested that his own personal salary face the deepest cuts.
“I cannot demand sacrifices of others and not make any myself”, he declared.
So, it seems, at least, one banker understands the art of leadership by example, and the basic business principle of rewarding performance and punishing failure.
How soon will the others follow suit? Don’t hold your breath while waiting!