Credit Suisse shareholders overwhelmingly back 2012 pay plan

Reuters

Credit Suisse shareholders backed the Swiss bank's pay plans, despite vocal opposition from retail shareholders.

Nearly 88 percent of the Zurich-based bank's shareholders supported the plan, while more than 10 percent opposed it, following over two hours of heated debate.

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Banker pay and bonuses have become a hot-button issue in Switzerland since the financial crisis, when UBS was bailed out by the Swiss government.

Julius Baer shareholders last week rejected the pay plans of the Swiss private bank after ISS, which advises investors on corporate governance and other issues, had recommended shareholders vote it down.

(Reporting By Katharina Bart; Editing by Emma Farge)