The Swiss government has put a stop to some Credit Suisse banker bonuses after public backlash over the state-engineered rescue plan
that it's"temporarily suspending certain forms of variable remuneration for Credit Suisse employees.
The ministry said it's suspending certain payments. But it is making exceptions for some payments that were granted in the years up to 2022 and are in the process of being paid out. This is for"legal certainty" and to"avoid impacting employees who did not themselves cause the crisis," the ministry added.in a memo after the Sunday deal with UBS that they would still receive bonuses — even for their work in 2023.
But the Swiss public is pissed off about the payments, with Swiss unions demanding the bank's management bonuses be halted,The Swiss government has been careful about its messaging about the rescue of Credit Suisse, which involves an around $3.25 billion acquisition by UBS, a larger lender.said Sunday the deal was"no bailout," stressing that the takeover is a"commercial solution.
But the deal comes with government guarantees and liquidity provisions. All in, the Swiss government and the country's central bank are making available a backstop of up to 109 billion francs, or $117.7 billion, for the deal — that equals about 12,500 francs for each person in Switzerland, per
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