Credit Suisse will reduce bonuses for its employees by 40 percent this year, Der Sonntag reported, citing people familiar with the situation who it didn’t identify.
Bonuses will be cut to 3 billion Swiss francs ($3.2 billion) from 5.05 billion francs last year, the report said. A Credit Suisse spokesman declined to comment.
The newspaper said UBS AG might cut its bonuses this year as well, without citing anyone.
EQUITIES: *The U.S. will offer 11 Swiss banks impunity, SonntagsZeitung reported *Nobel Biocare’s board of directors may disagree on an approach made by venture-capital firm Bain Capital LLC, SonntagsZeitung reported, without saying where it got the information *Swisscom sees no “new engagements abroad,” SonntagsZeitung reported, citing Chief Executive Officer Carsten Schloter, who added he doesn’t rule out a partnership for Fastweb SpA *Acino Holding said it signed a deal with Teva Pharmaceutical to buy Mepha’s Latin America and Asia business for 94 million euros
ECONOMY/POLITICS: *The Swiss National Bank is in “permanent crisis mode,” President Philipp Hildebrand told Radio DRS 1 *More companies are borrowing from capital markets as banks become reluctant to lend to them, Neue Luzerner Zeitung reporter, citing Marco Illy, vice chairman of Credit Suisse investment bank *FIFA has threatened to suspend Switzerland from international soccer next month if its federation does not enforce a transfer ban on club FC Sion *The panel advising FIFA on anti-corruption measures is in talks to add more members, according to Mark Pieth, the Swiss law professor hired last month to lead the overhaul
MARKETS: *The benchmark SMI declined 0.9 percent to 5,733.50 *The SPI slid 0.7 percent to 5,161.69 *The Stoxx Europe 600 Index lost 0.4 percent to 233.71 *The MSCI Asia-Pacific Index fell 2 percent by 7:15 a.m. Swiss time *Euro-franc traded at 1.2188 at 7:15 a.m. Zurich time
To contact the reporter on this story: Corinne Gretler in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com