Muhlemann waives Credit Suisse severance package.

Financial News, December, 2002

Byline: Shanny Basar

Lukas Muhlemann, the outgoing chairman and chief executive of Credit Suisse Group, has waived his contractual right to a severance payment.He will continue to receive his salary until the end of his notice period on March 31, 2003.

Muhlemann is stepping down at the end of this year after coming under intense pressure as the bank's share price halved since the start of 2002. He was seen as a main player behind the overpriced acquisitions of Donaldson, Lufkin & Jenrette (DLJ), the US boutique, at the height of the investment banking cycle and of Winterthur, the insurance business.

Winterthur contributed to a record loss of Sfr2.1bn ([euro]4.1bn) for Credit Suisse in the last quarter compared to a loss of Sfr579m in the...

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