Somehow, I think they're still going to be OK. They're also listening to the world around them.
The 400 most senior bankers at Credit Suisse in London will be forced to take a cut to their annual bonuses to help protect the rest of the bank's staff from Alistair's Darling's 50% one-off bonus tax.
The London-based managing directors were told by their Swiss-based employers today that they would take a 30% cut, in the first example of an international bank discriminating against its London-based staff in handling the bonus tax. There had been expectations that banks would try to avoid such a move either by picking up the bill or spreading out the tax among staff around the world.
Credit Suisse also intends to reduce its entire bonus pool by 5% to help ensure that its profitability is not hindered by the tax that Darling imposed last month on bonuses worth more than £25,000.
