Top British investment bankers at Credit Suisse will be much hurt because of Chancellor Darling's controversial decision of a 50% bonus tax, which will be effective starting this year.

The Swiss bank recently revealed that all of its 47,000 employees worldwide, particularly 6,000 in UK, would be hit by bonus cuts, as the facility outlines how it will be paying for the 50% tax which will now be applicable on bonuses which go beyond 25,000 Pounds.

"The global Credit Suisse bonus pool will be reduced by 5%". In this environment, we felt that reducing bonuses was the responsible and appropriate action to take", a spokesman said, while also sharing those bonuses for 400 Managing Directors across Britain would be pulled back by a further 30%.

While shareholders would be hurt as well, majority of the cost will be borne by the staff.

The bank's decision has come right as Sky News announced that the Global Financial Markets Association had hired law firm Clifford Chance in order to see if banks can take legal action using European competition law against the new tax on bonuses.