Probe Unmasks Credit Suisse's Top Earner

Credit Suisse's Robert Shafir has been unseated as the bank's top earner last year in favor of a Brazilian fixed income banker more recently better known for his family ties.

Credit Suisse's top-earner last year wasn't former asset management head Robert Shafir, nor either incoming or outgoing Chief Executive Tidjane Thiam or Brady Dougan, respectively.

In fact, it wasn't anyone at Credit Suisse's headquarters on Paradeplatz or its New York offices as 11 Madison Avenue. The Swiss bank paid Brazilian investment banker Sergio Machado 48.4 million reais (13.56 million Swiss francs, or $14.15 million), topping the 7.9 million Swiss francs paid to Shafir last year, according to «Bloomberg».

Family Affair

Machado's tax statements were leaked in Brazil along with a slew of court documents linked to a wide-ranging probe of state-owned oil company Petrobras, which has engulfed the country's political elite.

Until recently, Machado was head of Credit Suisse's fixed-income business in Brazil. More notably, he is the son of a former high-ranking Petrobras official of the same name who has entered a plea bargain with Brazilian officials and testified against his former colleagues.

Cleared by Credit Suisse

Machado, the son, described his relationship to his family as distant in a court statement, and said that he didn't know of his father's financial dealings. Machado, the Credit Suisse banker, testified that he had set up an HSBC account in Switzerland for a brother which allegedly held illegal funds, according to plea bargain documents. 

Credit Suisse said recently it found no evidence that the younger Machado used the Swiss bank to aid his father's wrong-doing.

Shafir Pales In Comparison

Credit Suisse publicly discloses pay of its highest-paid executive – Shafir last year – and its Chief Executive. Brady Dougan handed over that job in July to current CEO Tidjane Thiam, who earned 4.57 million Swiss francs in six months.

A lawyer for Machado didn't comment on his pay from Credit Suisse, saying it is «inappropriate» that Machado's income was made public.


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