Ouch: Credit Suisse has cut bonuses by 36 per cent

Emma Haslett
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Thiam admitted it was a "very severe cut" (Source: Getty)
aving unveiled its first annual loss since 2008, there was one more howl of pain in store for Credit Suisse bankers this morning, after chief executive Tidjane Thiam told analysts the bank has slashed bonuses by more than a third in its investment bank.

On a call with analysts this morning, Thiam said bonuses at its global markets division had fallen 36 per cent, the Financial Times reported.

He admitted it was a "very, very severe level of remuneration cut".

Across the entire bank, bonuses fell 11 per cent, Thiam added.

The bank has introduced a huge cost-savings programme, and added that it will cut 4,000 jobs worldwide, including employees, contractors and consultants.

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