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To finance the guarantee, Equitable, in 1994, reduced bonus payments to about 90,000 policyholders.
Unfortunately though, bumper hardly describes the tax receipts for this January as they have been decimated by sharply contracting economic activity, declining profitability, rising unemployment, reduced bonus payments, December's VAT cut and substantially weakened housing market activity and prices.
"Tax revenues are being decimated by sharply contracting economic activity, declining corporate profitability, soaring unemployment, markedly reduced bonus payments, the VAT cut, and substantially weakened housing market activity and prices.
Credit Suisse also reduced bonus payments for 2011 by 41 percent across the group and by 57 percent for members of the executive board, who will continue to not receive cash bonuses.
Tax revenues were hit very hard by weak economic activity, deteriorating corporate profitability, elevated and rising unemployment, markedly reduced bonus payments, Badiani said.
Similar(55)
Many banks have reduced bonuses by as much as 80percentt or cut them completely.
A recent study cited in The Fiscal Times found that 17percentt of workers lost or had gotten reduced bonuses.
RBS reduces bonus pot by £300m.
Under pressure from regulators, firms have installed claw-back policies and other measures that would later reduce bonus payouts in the event of large losses.
UBS has been eliminating 10,000 jobs, reducing bonus payments, scaling back its investment banking trading business and focusing more on its successful wealth management operation.
The bank started to eliminate 10,000 jobs, reduce bonus payments, scale back its investment banking trading business and focus more on its successful wealth management operation.
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