Credit Suisse cuts payouts

first_img Tags: NULL Credit Suisse cuts payouts Show Comments ▼ CREDIT Suisse is to defer more of its staff bonuses and cut cash payouts, in a move that followed stricter rules imposed elsewhere in Europe.Switzerland’s second-largest bank, which last year awarded chief executive Brady Dougan shares worth around Sfr71m (£47m) under a five-year bonus plan, said yesterday it would apply the changes to its 2010 pay round.Toughened pay regulation has yet to quash intense public scrutiny over year-end payouts, however, and governments have struggled to ward off a backlash against bonuses as detail of top bankers’ pay packages begins to emerge.The Swiss government has kicked off a legal process to tighten regulation of its top banks, including the right to force those bailed out by the state to make changes to bonuses and even cancel payouts.After bringing in a new pay structure last year, Credit Suisse’s revamped rules will see it lower the threshold for deferred bonus restrictions to Sfr50,000 from Sfr125,000, leaving more employees subject to the measures.Credit Suisse said the changes were made against a backdrop of emerging regulation and market practices, and in dialogue with regulators and shareholders. It will see a lower portion of bonuses paid in cash, and shares granted under the 2010 bonus scheme delivered annually from 2012-15.Although exempt from the EU bonus rules at home, Credit Suisse and larger rival UBS, both of which have big international investment banking divisions, have made moves to bring in restrictions on pay after 2008’s banking crisis. Monday 10 January 2011 8:49 pm whatsappcenter_img Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald whatsapp KCS-content last_img read more