The Swiss Government has confirmed that bosses at the failed bank Credit Suisse should not receive full bonuses for 2022 and could be asked to return any monies that they have already been paid.
A provisional suspension of bonuses for top executives at the bank was announced by the Federal Council on March 21st, a decision that is now final. The Swiss Government invoked emergency legislation to push through the sale of Credit Suisse to Zurich-based UBS two days earlier.
The Federal Council says that the freeze on bonuses concerns sums due up until the end of 2022.
Top executives will see bonuses cut by 50 per cent with senior managers losing 25 per cent of what they would have been due.
Around 1,000 employees are believed to be impacted by the decision, with their bonuses totalling around 50 to 60 million francs. Credit Suisse has been asked to consider asking for bonuses that have already been received to be paid back.
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