Mystery over Credit Suisse's top earner — in ailing Brazil

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A Brazilian banker who worked for Credit Suisse until April was paid more than any member of the board of the Swiss bank.

Sergio Machado was revealed to have collected 48 million reals (£9.6 million) in pay and back bonuses in 2015 when his remuneration details were leaked from documents provided for a major court case into corruption. 

The former head of fixed income for Credit Suisse in Brazil has not commented, and his lawyer called the leak “an inappropriate release”.

Data from Dealogic showed that investment bank fees tumbled 42% in Brazil last year as the country suffered its worst recession. 

Machado, 38, is the son of Sergio Machado, a former politician who moved into industry.

As part of his plea-bargaining in the country’s corruption trials he has admitted passing on 100 million real in kickbacks to political campaigns.

The son has said in a statement to the court that he had no knowledge of his father’s financial dealings. 

Credit Suisse said it did not comment on individuals’ pay.

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Source Article from http://www.standard.co.uk/business/mystery-over-credit-suisse-s-top-earner-in-ailing-brazil-a3276121.html

June 20, 2016 |
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