Monday, February 26, 2024

The Swiss government “freezes” Credit Suisse executive bonuses. Executives fleeing the bank

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The government said it would not retroactively ban “variable bonuses already awarded and immediately payable to employees in connection with the 2022 financial year. The purpose is also to avoid affecting employees who are not responsible for the crisis.”

The Swiss government has decided to suspend, at least temporarily, some bonuses that should have been paid to Credit Suisse executives despite the bank’s collapse. The group has been taken over by rival UBS for 3 billion francs (3 billion euros) but the Swiss government is also involved in the process, ready to take it over. potential losses of up to 100 billion francs, one-third of the country’s gross domestic product. The Swiss Federal Council indicated that it intends Take advantage of the banking law in the country This allows him to intervene in compensation in the event that “a bank important to the system receives direct or indirect assistance from the state.” The government stated that However, it will not prohibit retroactive ‘variable bonuses’ It is already granted and promptly paid to employees in connection with fiscal year 2022. It is also intended to avoid affecting employees who They have no responsibility for the crisis.”

Berne decision The exodus of managers from Credit Suisse could intensify. Based on the reports Bloomberg agency “Headhunters” from all over the world are receiving an unprecedented wave of calls from Swiss bankers looking for new jobs.

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Wynne Dinwiddie
Wynne Dinwiddie
"Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst."
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