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Credit Suisse to enforce charitable donations

Credit Suisse has become the first bank to force its staff to make compulsory charitable donations, with several hundred US managing directors directed to give 2.5 per cent of their 2010 bonuses to good causes. The Swiss bank, which estimated the scheme would raise up to $30m for charity, said it would only apply in the US for tax and administrative reasons, but it could be extended in future. The idea, which some bankers dismissed privately as tokenism, is an echo of a scheme operated by the now-defunct Bear Stearns, though staff there had a theoretical opt-out. The initiative comes as public and political pressure on the bank bonus culture intensifies, particularly in London, where the coalition government has repeatedly urged banks to show “restraint”. More…

News selected by Covalence | Country: USA | Company: Credit Suisse | Source: Financial Times

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