Credit Suisse bankers hit by biggest bonus cut

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Across the group, which employs thousands in its Canary Wharf offices, the average bonus cut is 41% and among the 15 executive directors on the board the cut is 57%.

That compares with a 40% bonus cut recently announced by Deutsche Bank and an expected 30% or so cut at BarCap when Barclays reports its results tomorrow. Pressure is growing on Bob Diamond, chief executive of Barclays, to give up at least some, if not all, of his expected £2 million bonus.

Credit Suisse reported a surprise lurch into the red today with a fourth-quarter loss of Swfr998 million compared with profits of just over Swfr1 billion (£692.3 million) in the preceding quarter and a year earlier.

Chief executive Brady Dougan, who picked up Swfr9.7 million in bonuses last year, said: "Our performance for the fourth quarter was disappointing. It reflects both the adverse market conditions during the period and the impact of the measures we have taken to swiftly adapt our business to the evolving market and regulatory requirements."

Dougan ordered two rounds of job cuts last year including one which is just finishing which will see a total of 3500 people leave the bank.

But unlike its rival Swiss bank, UBS, Dougan said Credit Suisse had got off to a good start in 2012 with clear evidence of an uptick in business.

He said: "The economic conditions, and market conditions so far this year are beginning to increase confidence among both our corporate clients and individual clients throughout our business. We've seen clearly better client activity, better activity in general."

Credit Suisse declined to comment on the US Department of Justice's probe into cross-border banking services which allegedly helped Americans avoid tax.

The bank settled a similar case with the German authorities last year at a cost of 150 million (£125.7 million). Any US settlement is likely to be higher than that.