The Swiss government cut the bonuses of about 1,000 senior Credit Suisse bankers following the bank’s forced sale to rival UBS last month.
Credit
Suisse was also ordered to review if paid-out bonuses can be recouped
and to report its efforts to the finance ministry and financial
regulator, Finma.
- The decision comes a
day after the bank’s annual meeting, where chairman Axel Lehmann
apologized to shareholders for the bank’s sudden collapse and sale.
- Lehmann
told shareholders he was truly sorry that the bank was unable to stem
the loss of trust that had accumulated over the years.
- Lehmann
said the bank’s leadership fought hard to find a solution, but
ultimately there were only two options: deal or bankruptcy.
- The Credit Suisse bonuses cut totaled 60M Swiss francs ($66.1M).
