Credit Suisse ups salaries

SWISS bank Credit Suisse is increasing the base salaries of its executives to compensate for new regulatory limits on bonuses.<br /><br />The changes, including plans to link deferred bonuses to performance and the share price, will come into effect from January and apply to around 7,000 staff &ndash; 15 per cent of the bank&rsquo;s workforce.<br /><br />The bank entered the debate on bonuses as leading banking industry figures warned Britain&rsquo;s top politicians that continued posturing on the issue could irreparably damage the City&rsquo;s competitiveness.<br /><br />The news came a day after London Mayor Boris Johnson performed a dramatic U-turn on his supportive stance for bankers, labelling them &ldquo;cockroaches&rdquo; in a newspaper column.<br /><br />But Alan Yarrow, chairman of the London Investment Banking Association (LIBA), said: &ldquo;The discussion on bonuses is bordering on the hysterical and we are in danger of detracting from the benefits of the City to the economy as a whole.&rdquo;<br /><br />And Angela Knight, chief executive of the British Bankers&rsquo; Association, called on politicians to recognise the &ldquo;logical argument&rdquo;, saying: &ldquo;The City is a great asset to the UK economy, and one we certainly cannot afford to lose.&rdquo;