(Bloomberg) -- Credit Suisse's Tidjane Thiam received $4.7 million for his first six months on the job, less than his target after the chief executive officer volunteered for a 40% bonus cut as a gesture to beleaguered traders.

"I felt that out of solidarity, I should take a cut bigger than the global markets" arm, Thiam said Wednesday, as the bank disclosed that it cut the trading unit's bonus pool 36%. The request was approved "despite his excellent performance," Zurich-based Credit Suisse said in its annual report Thursday.

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