Switzerland to Cancel, Cut Credit Suisse Executives’ Bonuses (1)

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.

WATCH: The Swiss government is about to canceled or cut outstanding bonuses of top Credit Suisse Group AG executives following the state-backed takeover by UBS Group AG.

Source: Bloomberg

The same measures apply for compensation that had begun accruing for ...