Swiss government orders freeze on Credit Suisse bonus payments
The Swiss government is ordering Credit Suisse to temporarily suspend certain forms of variable remuneration for its employees after the bank’s collapse and takeover by bigger rival UBS.
This content was published on
1 minute
Keystone-SDA/jc
Italiano
it
Il governo svizzero ordina il congelamento dei pagamenti dei bonus del Credit Suisse
This relates to already granted but deferred remuneration for the financial years up to 2022, for example in the form of share awards, according to a government statement on TuesdayExternal link. It has also asked the finance ministry to propose further measures on variable remuneration for the financial years up to 2022 and thereafter.
Switzerland’s Banking Act stipulates that the government “shall impose remuneration-related measures if a systemically important bank is directly or indirectly granted state aid from federal funds,” says the statement.
Last week a CHF50 billion ($54 billion) liquidity backstop from the Swiss National Bank (SNB) failed to stop a crisis of confidence in already troubled Credit Suisse.
A weekend of high drama ended with UBS agreeing to buy Credit Suisse for CHF3 billion, well-below its closing share price on Friday.
The Swiss central bank will smooth the transaction by providing CHF100 billion in liquidity to UBS and Credit Suisse during the takeover. The government has agreed to absorb up to CHF9 billion of potential UBS losses.
Popular Stories
More
Foreign Affairs
How a top Swiss university is screening Chinese students
L’Oréal acquires South Korean subsidiary of Migros’ cosmetics brand
This content was published on
French cosmetics firm L'Oréal is acquiring Gowoonsesang Cosmetics, the South Korean subsidiary of the Migros-owned Mibelle group, for an undisclosed sum.
Sharp hike in number of protected historic monuments in Switzerland
This content was published on
In 2022, there were close to 91,000 protected historic monuments in Switzerland, 21% more than in 2016, said the Federal Statistical Office.
Switzerland adopts further EU sanctions against Russia
This content was published on
Switzerland has added several dozen names to its list of sanctioned persons or entities from Russia after adopting the amendments made by the European Union.
Snowfall causes travel restrictions in much of Switzerland
This content was published on
Heavy snowfall in several regions of Switzerland caused restrictions in road and rail traffic on Monday morning, though conditions eased by the afternoon.
Swiss major-general named acting head of UN observer force in Golan Heights
This content was published on
Major-General Patrick Gauchat has been appointed acting head of the United Nations Disengagement Observer Force (UNDOF) in the Golan Heights.
Accidents up sharply among older skiers in Switzerland
This content was published on
People over the age of 40 account for more than half of all ski injuries in Switzerland, a new study by insurance firm Suva shows.
Switzerland proposes strengthening rights of people with disabilities
This content was published on
The Swiss government is proposing a package of new legislative measures to promote inclusion of people with disabilities in all areas of life.
This content was published on
The Swiss artist Kurt Laurenz Metzler, known for his colorful sculptures made of fiberglass and polyester, has died in Zurich at the age of 83.
Historic Swiss bathhouse on Lake Constance destroyed in a fire
This content was published on
In the northern Swiss town of Rorschach, the 100-year-old Badhütte (bathing hut) on the shores of Lake Constance burned down early Monday morning.
Trump picks Callista Gingrich as ambassador to Switzerland
This content was published on
Incoming United States president Donald Trump has named Callista Gingrich as the next ambassador to Switzerland. Gingrich was posted to the Vatican under Trump's previous term.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
How the Swiss ‘trinity’ forced UBS to save Credit Suisse
This content was published on
The takeover of its local rival could end up being a generational boon for UBS. But the government-orchestrated deal has angered many investors.
Credit Suisse crisis is the ‘failure of casino-like financial system’
This content was published on
The UBS takeover of Credit Suisse exposes the flaws in a system that was supposed to prevent a bank the size of Credit Suisse from going bankrupt.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.