Credit Suisse board proposes to cut variable pay by 40 percent

(Reuters) - Credit Suisse said its CEO and board of directors has proposed a reduction in performance awards by 40 percent.

The bank said on Thursday that the board has proposed to reduce the long-term incentive awards for 2017 and short-term incentive award for 2016 by 40 percent each. (http://bit.ly/2oEJlG2)

The bank's board also proposed to maintain total board pay at the same level for 2015 and 2016, with no increase in pay for 2017.

(Reporting by Parikshit Mishra in Bengaluru; Editing by Sandra Maler)