Finance
Switzerland to Cancel, Cut Credit Suisse Executives’ Bonuses
- Step is result of state aid offered amid Credit Suisse crisis
- Credit Suisse bankers have seen value of deferred pay slashed
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Top Credit Suisse Group AG executives will have outstanding bonuses canceled or cut by up to half, in a step ordered by the Swiss government following the state-backed takeover by UBS Group AG.
After a temporary suspension on March 21, the government said it has now decided that the executive board will have all outstanding variable remuneration to the end of 2022 canceled, while top managers one and two levels below will have theirs reduced by 50% and 25% respectively, according to a statement on Wednesday.