1/20/2010

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.

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