Switzerland suspends bonus payments to Credit Suisse employees after UBS acquisition
On March 21, 2566, Reuters news agency reported that The Swiss government has announced a temporary suspension of bonus payments to employees of Credit Suisse Group AG after UBS Group AG agreed to acquire Credit Suisse.
The Swiss government states that “The aim of this action is to avoid any impact on employees who did not themselves create the crisis,” the Swiss government said. It has instructed the Swiss Ministry of Finance to propose additional measures regarding bonus payments for 2565 and beyond.
Switzerland's governing federal council said in a statement: The government has revived the Swiss Banking Act, which allows the Council to Can issue measures related to wages If a systemically important bank receives assistance directly or indirectly from federal funds
This stops paying any bonuses, even if it's only temporarily. It may prompt Credit Suisse bankers to resign. Recruiters around the world are receiving calls for new jobs from credit officers. Switzerland as never before
However, on Monday Credit Suisse's board of directors decided to exempt variable compensation for fiscal year 2565. The government said it would not ban it retroactively. “Variable compensation has been provided and is immediately payable to Credit Suisse employees for the 2565 financial year.”
