Swiss bank Credit Suisse plans to cut bonuses for investment bankers by 55 percent, Bloomberg reported on its website on Tuesday, citing unnamed sources.
The move comes after Credit Suisse, Switzerland's second-largest bank, made $13.6 billion writedowns of credit.
A company spokesman confirmed it would cut variable pay but did not specify details.
We have said before that we would cut variable pay considerably for 2008 from the previous year, the spokesman said. We cannot confirm the figure.
Its bigger Swiss rival UBS AG agreed to change its compensation practices after reporting more than$1 trillion of losses and writedowns on credit-related assets and received a Swiss government bailout last fall. UBS has said that it would slash bonuses for its investment bankers by more than 80 percent.
Meanwhile, Deutsche Bank, Germany's biggest lender, announced Tuesday it will cut its bonuses by 60 percent after reporting a record loss.