Credit Suisse Group Said to Plan Early Bonus Payments in U.K.
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Credit Suisse Group AG, which slashed 2009 bonuses for about 400 managing directors in the U.K. to reduce a one-time tax on the payouts, plans to provide them with a Sept. 1 cash award, according to people briefed on the matter.
Managing directors in the U.K. were notified last week about the payments, which will be deferred over three years and subject to clawback provisions as well as the bank’s return on equity performance, according to one of the people. They refused to be named because the payments haven’t been publicly disclosed. Karen Laureano-Rikardsen, a spokeswoman in New York for the Zurich-based company, declined to comment.