Credit Suisse CEO cuts bonus

Tidjane Thiam, the chief executive of Credit Suisse, has asked the company’s board to reduce his bonus, days after the Swiss bank reported a multibillion-dollar loss in the fourth quarter.

Thiam, who joined the bank in July, did not indicate the size of the reduction in his bonus, but said his was the largest reduction within the management team.

Credit Suisse is one of several European banks that have brought in new management and announced plans to reshape their businesses in the past year.

The bank vowed to accelerate its plans to cut costs by billions of dollars by the end of 2018, saying it would eliminate 4,000 jobs out of about 48,000.