Credit Suisse will cut global bonus pool to cover UK tax

Credit Suisse became the first financial institution to publicly cut bankers' bonuses in response to the UK's 50% tax on bonuses. The Swiss bank said it will reduce bonuses for senior bankers in London and reduce its global bonus pool by 5%. A Credit Suisse spokeswoman said the moves are "responsible and appropriate". Major banks that operate in London have been looking into options for dealing with the tax, including spreading it companywide.

View Full Article in:

Wall Street Journal (tiered subscription model), The · Financial Times (tiered subscription model)

Published in Brief: