Credit Suisse bankers to receive late bonus

2 September 2010

As many as 400 bankers at Credit Suisse are to receive a late summer bonus payout, reports have claimed.

The bonus, which is to be awarded today (September 1st), is a one off payment and follows a five per cent cut to the total amount set aside for such financial rewards in 2009.

Credit Suisse’s total payout to the bankers has yet to be revealed although it is thought that the money will not be accessible until 2012 or 2013.

In a statement, the financial services provider said that payments were in line with regulations outlined by the Financial Services Authority.

“Credit Suisse is committed to remaining competitive in the UK. We are recognising the commitment of our UK leadership team with a discretionary leadership award," the bank explained.

“The award is long-term in nature, deferred over three years, tied to the performance of the bank and is subject to clawback provisions.”

Credit Suisse is thought to have contributed 447 million Swiss francs (£286 million) in response to the UK’s one-off 50 per cent tax on banker bonuses levied by the previous Labour government at the end of 2009.

By Jim Ottewill

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