Switzerland\u0027s government said Tuesday that it\u0027s ordering Credit Suisse to temporarily suspend bonuses for employees
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The Swiss Department of Finance says federal law allows the government to set “remuneration-related measures” in cases involving Switzerland’s biggest banks.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
An outflow of deposits and years of trouble raised fears that it could fail and trigger an international financial crisis after the collapse of two U.S. banks..The Swiss government says it doesn’t plan to block bonus payments from last year that have been granted but are set to be immediately paid because it doesn’t want to penalize Credit Suisse employees “who did not cause the crisis.”
But authorities in the capital, Bern, said they will prohibit payouts of “deferred” bonuses — even though they have already been granted — with an exception for bonuses that “are already in the process of being paid out.”
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