Credit Suisse bosses ‘enriched themselves with massive bonuses’
A handful of Credit Suisse executives were handed hundreds of millions of francs in opaque profit-sharing deals in the years leading up to the bank’s collapse, reports the SonntagsZeitung newspaper.
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I dirigenti del Credit Suisse si sono “arricchiti con enormi bonus”.
This comes after Credit Suisse was forced into an emergency takeover by UBS to avoid collapsing under the weight of a bank run.
The SonntagsZeitung has named seven former Credit Suisse executives who were able to enrich themselves while working for the investment banking or asset management units.
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Let’s Talk: What next after the Credit Suisse debacle?
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The Let’s Talk debate webcast examines the implications of the Credit Suisse failure for Switzerland and its financial centre.
In 2019 alone, some CHF100 million was paid out to a few top managers, the newspaper says. In other years, various top earners were awarded up to CHF30 million in deals that were kept secret from shareholders.
Some of the bonuses were the result of profit-sharing schemes that were allegedly approved by former Credit Suisse CEO Brady Dougan.
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Czech President Petr Pavel and his wife, Eva Pavlova, arrived in Switzerland on Tuesday at the start of a two-day state visit.
Swiss lawmakers agree to ban bonuses at too-big-to-fail banks
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The House of Representatives has passed a bill to ban systemically relevant banks from paying some bonuses to bank executives.
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