The last place you’d expect to find one of Credit Suisse Group AG’s highest-paid executives in 2015 is Brazil, given all the political and economic challenges facing the country.
But Sergio Machado’s 48.4 million reais ($14 million) paycheck ranks above that of every member of Credit Suisse’s executive board listed in the lender’s annual report. The income tax statement of Machado, 38, the former head of Credit Suisse’s Brazil fixed-income business, is all local bankers are talking about after it was leaked along with a package of court documents.
For long-time Brazil watchers, that name should sound awfully familiar. It was Machado’s father, a politician-turned-oil executive who goes by the same name and is testifying against top lawmakers in Brazil’s sweeping corruption scandal, who was on the front page of every major newspaper last week.