The Swiss Ministry of Finance reported Tuesday that Credit Suisse it will have to suspend the price of some bonuses (“variable remunerations”) to its collaborators, at a time of absorption of this entity by UBS after its delicate financial situation.
The decision concerns remuneration approved for years prior to 2022 but in which payments had been deferred, for example in the form of share rights.
In a statement, the Swiss finance authorities indicated that these measures are applied in accordance with the national banking law, according to which certain limitations may be imposed on the remuneration of a bank of “systemic importance” that has received financial aid directly or indirectly from the Government.
This is the case of Credit Suisse, which last week received a loan of 50,000 million francs to avoid its collapse on the stock market and days later, when it was bought by UBSthis operation was supported by Bern through a guarantee equivalent to 9,000 million francs.
The ministry added that for reasons of legal certainty the decision does not apply to the premiums approved for 2022 (which were nevertheless voluntarily resigned by the bank’s management last week, before the stock market crash on March 15).
He also noted that his decisions “they seek to prevent people who have not caused the crisis from being affected”.
Source: EFE
Source: Gestion
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