Credit Suisse ordered to stop bonuses

By Associated Press

Mar 23, 2023 12:08 am

GENEVA: Switzerland's government said on Tuesday that it is ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the second-biggest Swiss bank to be taken over by rival UBS.

The Swiss Department of Finance says federal law allows the government to set 'remuneration-related measures' in cases involving Switzerland's biggest banks.

SUSPENDED Five to 12 (fuenf vor zwoelf) is written on a clock next to a logo of the Swiss bank Credit Suisse in Zurich, Switzerland on Monday, March 20, 2023. The Swiss government ordered the troubled lender to suspend the bonuses of its employees following its acquisition by its rival UBS. AP PHOTO

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