Credit Suisse is to cut planned bonus payouts to senior UK staff by more than a third, becoming the first bank to pass on the bulk of a British supertax on banker bonuses. The move, together with an overall cut of 5% in the bank’s global bonus pool, follows last week’s news that JPMorgan’s Q4 compensation ratio fell from 37% to 33%. It also coincides with a pay overhaul at Citigroup, and contradicts  the consensus view that banks would absorb most of the controversial 50% supertax.

This entry was posted by Gwen Robinson on Wednesday, January 20th, 2010 at 5:00 and is featured in The 6am Cut London (20 Jan 2010), The 6am Cut London (20 Jan 2010) . Tagged with citi, credit suisse, jpmorgan. Edit this entry.