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October 21, 2009

FT: Credit Suisse first int’l bank with new bonus plans

By Spear's

Credit Suisse on Tuesday became the first big international bank to respond formally to regulatory demands to reform pay, with plans to increase the proportion of bonuses to its top earners paid over a period of years and reflecting their longer-term performance.

Credit Suisse on Tuesday became the first big international bank to respond formally to regulatory demands to reform pay, with plans to increase the proportion of bonuses to its top earners paid over a period of years and reflecting their longer-term performance.

About 7,000 of the Swiss bank’s 47,000 staff were briefed about the new system, designed to reflect demands from the group of industrialised and developing countries as well as the Financial Stability Board and the Swiss regulator.

The innovations also come after calls from the UK Treasury for leading international banks to revise pay systems to avoid failings that might have contributed to the credit crisis.

The changes form part of an effort by global investment banks to comply with the reforms adopted at last month’s G20 summit and to assuage growing anger at bankers’ remuneration.

To read the full story, visit ft.com

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