Swiss Government Brakes Credit Suisse's Wage Excesses: With the rescue of Credit Suisse by UBS coming with government assistance, Credit Suisse's bonuses have become a public topic. The department of finance has stepped in. creditsuisse bonus
The Federal Department of Finance on Tuesday temporarily suspended certain variable compensation paid by Credit Suisse to its employees. This affects compensation already promised but deferred for the financial years up to 2022, including share entitlements.
The fact that Credit Suisse intends to continue paying out bonuses, and implementing planned salary despite the takeover and paying salary increases is inflaming public sentiment. The rescue by UBS is indeed a private-sector takeover, and the Swiss National Bank provided liquidity for the seriously troubled Credit Suisse in accordance with its mandate. Nevertheless, the state is assuming various guarantees, so it's hardly surprising political pressure from all sides is increasing because of wage excesses at Credit Suisse.The mood was further inflamed by Federal Councillor Karin Keller-Sutter.
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