Credit Suisse squeeze on bonuses ups pressure on UK | Business

Credit Suisse squeeze on bonuses ups pressure on UK | Business: "Pressure grew on British banks to tone down their bonuses today as Credit Suisse announced some of the toughest new rules globally for payouts for 2010.

Credit Suisse, Switzerland's second-largest bank, employs 6,000 people in London, the vast majority in investment banking and wealth management who are eligible for bonuses.

British banks were again told by the Prime Minister David Cameron and Deputy Prime Minister Nick Clegg they should only pay “responsible” levels of bonuses, show “sensitivity” and be more transparent about their payouts.

The new Credit Suisse regime, which lengthens the time over which bonuses are deferred and means they can be cut if parts of the firm underperform, reflects some of the criticisms levelled at banks during the financial crisis."