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Credit Suisse rolls back proposal for executive bonuses

The logo of Swiss bank Credit Suisse is seen in front of a branch office in Zurich, Switzerland April 4, 2017. REUTERS/Arnd Wiegmann

April 13 (Reuters) - In the face of shareholder criticism, Credit Suisse said its top officers had proposed reducing the bonuses they would get by 40 percent from the bank's original recommendation.

The company had previously proposed bonuses for the executive board totalling almost 80 million Swiss francs ($79.4 million).

The bank said on Thursday that its chief executive and other members of its executive board "voluntarily" proposed reducing the long-term incentive awards for 2017 and short-term incentive awards for 2016 for top executives by 40 percent each. (http://bit.ly/2oEJlG2)

Proxy adviser Institutional Shareholder Services (ISS) had advised Credit Suisse shareholders to vote against proposed bonuses for Credit Suisse top executives at the annual general meeting on April 28.

The recommendation by ISS follows similar recommendations from other proxy advisers amid criticism over bonus payouts at Credit Suisse despite Switzerland's second-biggest bank posting a second consecutive multi-billion franc loss in 2016.

The bank's board of directors also decided not to increase its compensation in 2017. (Reporting by Parikshit Mishra in Bengaluru; editing by Sandra Maler and Cynthia Osterman)