Under the new plan, top executives will receive a proportionately higher base salary in cash. But the bonuses they receive on top of this will be deferred for a longer period and tied more closely to the bank's performance and the performance of employees' individual business units. The bonuses will be split evenly between deferred stock and deferred cash. The stock portion of the bonuses will vest after four years — a year longer than has been the practice at Credit Suisse in the past — and will be adjusted according to the average share price and return on equity. The cash aspect of the bonuses, which Credit Suisse says is new, will be deferred for three years and will be based on return on equity and the performance of business units. The compensation changes cover salaries and bonuses for the firm's 7,200 managing directors and directors worldwide. They take effect in January and apply to pay for 2009.

"What I don't hear are terms like: distribution of cash component vs stock options, deferred stock compensation, clawbacks, ROE shares deferred, toxic asset bonus fund (credit suisse in 2008), other government tax policy on future bonuses, etc.."