Credit Suisse Bankers Shouldn’t Have Been Stripped of Bonuses, Court Says

A dozen former Credit Suisse bankers were unlawfully stripped of their bonuses when UBS Group AG bought its collapsing rival, a Swiss court said in a verdict that could pave the way for fresh lawsuits from hundreds more employees over unpaid compensation.

The country’s finance ministry issued an order following the bank’s rescue by rival UBS Group AG in March 2023, telling Credit Suisse to cut bonuses altogether for its executive board members, reduce them by 50% for managers one level lower, and by 25% for employees two levels down.