After the loss for 2015 sustained by the bank, the CEO of Credit Suisse has requested that his bonus for last year be significantly reduced.

Credit Suisse, which last week reported a SFr2.94 billion ($2.95 billion) net loss for 2015, said its chief executive Tidjane Thiam has asked for his bonus to be cut by as much as half.

"I have asked the board of directors for a significant reduction in my bonus. Within the management team, the cut is greatest in my case. I cannot demand sacrifices from others and not make any myself,” Thiam said, according to a statement emailed to this publication. 

A report by the Financial Times said that the CEO, who took the helm last year, had sought a cut of between 25 per cent and 50 per cent, but Switzerland’s second-largest bank did not confirm such a figure or comment on details.

The move to see a bonus cut drew praise. “Mr Thiam has shown real leadership. He and the Credit Suisse board should be congratulated on taking the decision to reduce his bonus this year. Although we know recruitment and retention in the banking sector is a challenge, it is absolutely critical that pay remains tied to performance. We will be watching the banking sector carefully as we cast our votes at this years’ round of annual meetings," said Ashley Hamilton Claxton, corporate governance manager at Royal London Asset Management.

Last week, the Zurich-listed lender said its figures included “substantial charges which are not reflective of our underlying business performance”. It cited a goodwill impairment charge of SFr3.8 billion, restructuring costs of SFr355 million, and litigation items of SFr821 million last year. The goodwill impairment mainly stemmed from the bank’s acquisition in 2000 of Donaldson, Lufkin & Jenrette.