JUST IN
Swiss govt temporarily suspends bonus payouts to Credit Suisse staffers
Lanka economic crisis: From protests to IMF's $3-billion rescue
UN chief's call for greater ambition on climate gets muted response
Bank situation 'stabilising', system is 'sound': US Treasury Secretary
IMF approves $3 bn in financial assistance for Sri Lanka to overcome crisis
India at 126th position in World Happiness Report; below Sri Lanka, Pak
Will announce on Indian soil new plan on Free, Open Indo-Pacific: Japan PM
IMF denies claims of linking loan with Pakistan's nuclear weapons
Taiwan's chip exports sputter on US-China tensions, falling demand
Pak's effort to curb trade deficit leads to rising unemployment: Report
You are here: Home » International » News » Economy
Biden to curb China growth for chipmakers getting federal funds
icon-arrow-left
Business Standard

Swiss govt temporarily suspends bonus payouts to Credit Suisse staffers

Switzerland's government said Tuesday that it's ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS

Topics
Swiss banks | Switzerland | Credit Suisse

AP  |  Geneva 

Photo: Bloomberg
Photo: Bloomberg

Switzerland's government said Tuesday that it's ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS.

The Swiss Department of Finance says federal law allows the government to set remuneration-related measures in cases involving Switzerland's biggest banks.

Late last week and into the weekend, authorities in Switzerland, backed by the central bank and financial regulators, scrambled to cobble together a $3.25 billion sale of Credit Suisse to UBS.

An outflow of deposits and years of trouble raised fears that it could fail and trigger an international financial crisis after the collapse of two U.S. banks.

The Swiss government says it doesn't plan to block bonus payments from last year that have been granted but are set to be immediately paid because it doesn't want to penalise Credit Suisse employees who did not cause the crisis.

But authorities in the capital, Bern, said they will prohibit payouts of deferred bonuses even though they have already been granted with an exception for bonuses that are already in the process of being paid out.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

Read our full coverage on Swiss banks

First Published: Wed, March 22 2023. 07:20 IST

`
RECOMMENDED FOR YOU
.