Credit Suisse CEO Tidjane Thiam says today's pay model for investment bankers "does not work."
That's according to Bloomberg's Jeffrey Voegeli,
who reports that Thiam made the comments at a conference in Paris with
the International Monetary Fund director, Christine Lagarde, and the
Bank of England governor, Mark Carney.
"The business is structurally
quite profitable provided the pay can go up and down. It's the 'and
down' that they don't accept," Thiam reportedly said of investment
bankers.
He said today's model of having
high levels of fixed pay didn't make sense because investment banks had
cyclical revenue streams.
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