Swiss cut up to $66M in bonuses for top Credit Suisse execs
The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions combined as the troubled bank heads toward a forced merger with rival UBS
GENEVA (AP) — The Swiss government says it's ordered cuts to the bonuses of top executives of Credit Suisse, with nearly 1,000 managers being “deprived” of tens of millions combined as the troubled bank heads toward a forced merger with rival UBS.
The Federal Council, a seven-member panel that runs Switzerland's executive branch, announced Wednesday that it has instructed the Finance Department to cancel altogether or reduce by either one-half or one-quarter such bonuses due last year among the top three rungs of management.
That will amount to a loss of bonus pay totaling about 50 million to 60 million Swiss francs ($55 million to $66 million).
The move comes after Swiss authorities scrambled in mid-March to cobble together a 3 billion Swiss franc ($3.25 billion) sale to UBS of Credit Suisse, which suffered surging outflows of deposits and a plunge in its share price.
