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Politician Puts Bonuses For Credit Suisse London MDs Under Fire
Nick Parmee
1 September 2010
Liberal Democrat Treasury spokesman Lord Oakeshott has said that an unexpected one-off bonus awarded to London-based managing directors of Credit Suisse could be "sophisticated and aggressive tax avoidance," the Guardian reports. The bank had cut back 2009 bonuses in response to the tax announced last December, but its 400 or so UK managing directors will now get one-off awards. The total cost was not revealed. Credit Suisse was quoted as saying in a statement: "We are committed to remaining competitive in the UK. We are recognising the commitment of our UK leadership team with a discretionary leadership award. The award is long-term in nature, deferred over three years, tied to the performance of the bank and is subject to clawback provisions." The Zurich-listed bank did not reply to WealthBriefing seeking further comment at the time of going to press.