Credit Suisse has cut its bonuses for London-based managing directors by 30% in a move that will see it pass on the majority of the supertax on bonuses to bankers.
Credit Suisse also intends to reduce its entire bonus pool by 5%, which will further protect the bank from the 50% tax on discretionary bonuses of more than £25,000. The measure was announced by Chancellor Alistair Darling in December’s pre-Budget report.†
A spokesperson from Credit Suisse said: “Credit Suisse aims to align its compensation policies with the interests of our stakeholders, including regulators, shareholders and employees. In this environment, we felt reducing bonuses was the responsible and appropriate action to take.”
In October, Credit Suisse became one of the first banks to respond to political pressure to reform bankers’ pay structures by increasing the use of deferred shares.
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