New British tax eats into Credit Suisse bonuses

Bank Credit Suisse said on Tuesday that it would reduce its global bonus pool by five per cent to pay for a new British tax on bonuses.

This content was published on January 19, 2010 minutes

Its bonus cuts for top managers in Britain will be deeper, the Zurich-based bank said.

Swiss Finance Minister Hans Rudolf-Merz has rejected the idea of introducing a British-style tax on bonuses in Switzerland.

Bonuses of 400 Credit Suisse managing directors in Britain will be cut by 30 per cent, spokesman Andres Luther said.

Credit Suisse is the first major bank to disclose how it is going to handle a one-off 50 per cent tax on bankers' bonuses, the details of which were unveiled last month.

Germany's Deutsche Bank said earlier this week it would spread the cost of the tax among its staff but did not indicate how precisely it was going to do that.

Credit Suisse is due to report full-year results on February 11. and agencies

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