The Swiss government has halted bonus payouts to Credit Suisse employees considering the recent bailout of the bank through a forced sale to UBS Group.
Swiss unions demanded that management bonuses be halted, and bank employee groups have asked for special protections against potential layoffs.
Credit Suisse was ordered to suspend already granted but deferred variable remuneration awarded in the years up to 2022.
- Swiss authorities said it would not retroactively ban already paid or immediately payable bonuses for the year 2022.
- The government said the decision was made to avoid impacting employees who had no hand in the recent crisis.
- Credit Suisse has about 50,480 employees globally.
