ZURICH, April 23 Credit Suisse will not
decide on how it wants to raise fresh capital until after this
week's annual general meeting, SonntagsZeitung reported on
The Swiss bank is considering a quick-fire share sale or
listing 20 to 30 percent of its Swiss business in order to raise
between 3 and 6 billion Swiss francs ($3-$6 billion) in new
capital, the Swiss newspaper said, citing sources close to
Chairman Urs Rohner.
The newspaper also reported that Rohner expects all the
banks' proposals to be accepted by shareholders at its annual
general meeting on Friday.
Rohner told Weltwoche magazine in March the bank had time to
decide whether to go ahead with a planned listing of its
domestic banking unit, originally envisioned for the second half
Reuters had previously reported that Switzerland's
second-biggest bank was likely to make a decision in April on
how to proceed on raising new capital.
Credit Suisse, which declined to comment, earlier this month
offered to cut bonuses for top management by 40 percent and
freeze pay for its board of directors in an attempt to quash a
shareholder revolt over payouts to senior managers.
Its pay plans included bonuses of 78 million Swiss francs
($78 million) to top executives and higher pay for the board,
despite the bank posting a 2.7 billion-franc net loss last year.
Credit Suisse is reassessing its compensation policies,
sources told SonntagsZeitung, specifically by expanding options
to claw back executive and employee bonuses if their actions
have caused costly legal suits and large losses for the bank.
($1 = 0.9958 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi; editing by Alexander