Credit Suisse has capped bonuses for chief executive Brady Dougan and the rest of the bank’s executive board for the first time, in the latest overhaul of its compensation practices instigated at the start of the financial crisis.

The Swiss bank has led the way in recent years when it comes to introducing innovative new elements to the way it pays senior staff. These have included the partner asset facility, or PAF, units that formed part of its 2008 compensation and the so-called PAF2 instrument that was introduced last year.