Credit Suisse has cut its global bonus pool by 5 per cent, with reductions of 30 per cent for some staff in the UK, affecting all sections including its private bank, as the Swiss firm eases the cost of paying the UK’s recently-planned bonus tax.

There will be an additional 30 per cent cut in bonuses paid to UK-based managing directors compared with previous planned levels, the bank has confirmed to WealthBriefing.

A report by Bloomberg said the bank is reducing payouts from the amounts it had projected after the UK government announced a one-time 50 per cent tax on bonuses of more than £25,000 ($40,939), to be paid by the banks.

Credit Suisse has not received any bailout money, and has avoided most, if not all, of the losses suffered by its Swiss rival, UBS. Politicians have tapped into public anger that banks which have received public aid have paid bonuses to managers.

In the US, president Barack Obama last week unveiled plans to impose a levy on banks to recoup bailout money and fill budgetary shortfalls, a move attacked by banks as unfair, since many have already paid or are repaying money received under the TARP bailout. Executive compensation and bonuses have become controversial at banks, particularly in the UK and US.

Credit Suisse employed 47,400 people at the end of September, set aside SFr12.5 billion ($12.2 billion) for compensation and benefits in the first nine months of 2009, compared with SFr13.3 billion for all of 2008, the news agency report said.

Credit Suisse is due to report fourth-quarter results on 11 February.