Swiss authorities imposed curbs on bonus payments for Credit Suisse employees, a move that will penalise bankers after a multi-billion-franc state rescue of the bank.
The logo of Credit Suisse is pictured outside its office building in Hong Kong, China March 21, 2023. REUTERS/Lam Yikemployees, a move that will penalise bankers after a multi-billion-franc state rescue of the bank.
"The aim of this is also to avoid impacting employees who did not themselves cause the crisis," it said. "It has to be read as recognition that major mistakes have been made at Credit Suisse and it would be so inappropriate if the board received any variable compensation at this time," said Clive Howard, employment law partner at Keystone Law.
The bank's bonus pool shrank by 50% in 2022 to 1 billion Swiss francs, according to its annual report.
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