NEW YORK (Bloomberg) - Credit Suisse Group AG, which slashed 2009 bonuses for about 400 managing directors in the UK to reduce a one-time tax on the payouts, plans to provide them with a September 1 cash award, according to people briefed on the matter.

Managing directors in the UK were notified last week about the payments, which will be deferred over three years and subject to clawback provisions as well as the bank's return on equity performance, according to one of the people. They refused to be named because the payments haven't been publicly disclosed. Karen Laureano-Rikardsen, a spokeswoman in New York for the Zurich-based company, declined to comment.

Wall Street firms typically wait until after year-end to pay out bonuses tied to performance over the previous 12 months. For senior employees, the payments are often several times larger than their annual salaries, and can make up the bulk of a bank's compensation expense. Credit Suisse, the second-biggest Swiss bank by assets, trimmed its reward pool for 2009 by five percent to spread the cost of the UK's 50 percent tax on bonuses, and cut UK managing directors' incentive awards an additional 30 percent.