The Swiss government has temporarily frozen bonus payments from Credit Suisse. “The Federal Council has taken note that the Federal Department of Finance (FDF) has issued an order to Credit Suisse that is temporarily suspending certain variable remuneration for its employees,” the government said. This affects remuneration that has already been promised but has been deferred for the financial years up to 2022, such as stock entitlements.
The government also wants to examine further measures on variable remuneration for the financial years up to 2022 and beyond. Badly hit Credit Suisse is said to have been taken over by rival UBS in a government-orchestrated bailout.