Credit Suisse was ordered to “temporarily” suspend “already granted but deferred variable remuneration” - like shares - awarded in the years up to 2022.
The government said that it would not retroactively ban already paid or immediately payable bonuses for the year 2022.
Credit Suisse for months had been battling a crisis of confidence. Its demise was sealed in a matter of days last week.“The aim of this is also to avoid impacting employees who did not themselves cause the crisis,” it said. Some among the Swiss public have been outraged by bonus payments at the bank in the wake of a takeover backed by roughly 260 billion Swiss francs of state funding and guarantees.Swiss unions earlier on Tuesday had demanded that management bonuses be halted.
The Swiss government also instructed its finance ministry to propose further measures on variable remuneration for Credit Suisse.
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