Credit Suisse Group's (CS) chairman and chief executive each took considerable pay cuts in 2008 from one year ago, and the bank paid 19.04 million Swiss francs ($17 million) to release a high-ranking executive in Asia from his contract with previous employer Standard Chartered PLC (STAN.LN).

Credit Suisse Chairman Walter Kielholz, who has a CHF2 million loan outstanding with the bank, earned CHF2 million in cash, compared with CHF14.6 million in total for 2007.

And CEO Brady Dougan's total pay including dividends on shares and pension contributions fell to CHF2.9 million, from CHF22.3 million.

Kai Nargolwala, who Credit Suisse hired at the beginning of 2008 as head of Asia Pacific, earned a total of CHF20.8 million, of which the bulk is compensation the Swiss bank is paying because he has forgone a 2008 bonus at Standard Chartered. The payoff makes Nargolwala Credit Suisse's highest-paid executive in 2008.

Nargolwala's cash salary portion including dividends, pension contributions and other benefits is CHF1.79 million.

Company Web site: www.creditsuisse.com

-By Katharina Bart, Dow Jones Newswires; +41 43 443 8043; katharina.bart@dowjones.com