Finance
Credit Suisse Staff Face More Deferred Pay Pain on Swiss Ban
- Regulator temporarily suspending certain forms of variable pay
- Most deferred compensation already decimated by takeover
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Credit Suisse Group AG was ordered by the Swiss government to freeze deferred bonuses, adding to the pain of bankers who had already seen the value of their awards decimated by the stock’s plunge.
The Swiss government is “temporarily suspending” deferred remuneration granted in the years up to 2022, according to a statement Tuesday. The bank can pay cash bonuses for last year as planned after the firm’s executive board gave up such awards on Monday, the statement said.