Bank bonuses could be cut by 60%

Credit Suisse, which is widely expected to cut its bankers' bonuses this year, is set to be just one of a number of lenders taking the same steps.

Following a year of heavy fines and penalties, banks could slash bonuses by up to 60%.

Deutsche Bank is expected to make a 30% reduction to bonus payments, while Credit Suisse could shrink its packages by 60%, the Sunday Times reported.

Insiders at Barclays told the publication that some of its bankers would receive no bonus at all, while those managing successful takeovers would be well-rewarded.