• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Credit Suisse managers’ 2022 bonuses cancelled or cut by Swiss government
Business

Credit Suisse managers’ 2022 bonuses cancelled or cut by Swiss government

May 23, 2023No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

ZURICH, May 23 (Reuters) – Credit Suisse (CSGN.S) senior managers will have their outstanding bonus payments for 2022 either cancelled or reduced following an order issued on Tuesday by the Swiss Finance Ministry.

The order affects the top three levels of Credit Suisse management and follows the multi-billion franc state rescue of Switzerland’s second biggest bank.

Governments rarely impose a complete halt to bonus payouts, but in Switzerland there has been public backlash against them at Credit Suisse, whose rescue earlier this year was backed by roughly 260 billion Swiss francs of state funding and guarantees.

The ruling will affect around 1,000 employees, who will be deprived of payments of approximately 50 million Swiss francs ($56.25 million) to 60 million Swiss francs ($67.50 million) in variable remuneration accrued up to the end of 2022.

The executive board will have its outstanding bonus payments up to the end of 2022 cancelled, while managers one level below will have their the payments cut by 50%.

Managers two levels below will see their outstanding variable payments reduced by 25%, the ministry said.

“This takes account of the most senior managers’ responsibility for the situation at Credit Suisse in a differentiated manner,” the ministry said in a statement.

“Moreover, variable remuneration for these management levels due in 2023 will be cancelled or reduced on a pro rata basis until the takeover is completed.”

The ministry also said Credit Suisse should look into potentially recovering remuneration already paid out to members of group management since 2019.

The order follows temporary measures on suspending variable payments from the Swiss government in March shortly after the emergency takeover by UBS (UBSG.S) was agreed.

See also  UBS tells investors 'Herculean' Credit Suisse takeover will pay off

In a package orchestrated by Swiss authorities in March, UBS will pay 3 billion Swiss francs for Credit Suisse and assume up to 5 billion francs in losses.

In return, the Swiss government has agreed to shoulder up to 9 billion in potential losses from the deal, as well as guarantee liquidity assistance of up to 100 billion francs.

The Finance Ministry also said on Tuesday it had ordered UBS to design a pay scheme to incentivise staff responsible for selling off Credit Suisse assets to make the smallest possible losses on the sales.

“This is intended to provide an incentive to achieve the lowest possible losses, in order to avoid, wherever possible, the utilisation of the federal guarantee,” the ministry said.

($1 = 0.8889 Swiss francs)

Reporting by John Revill, editing by Ed Osmond

: .

Bonuses Cancelled credit cut government Managers Suisse Swiss
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

New research links wildfire smoke to increased risk of emergency room visits for people of all ages

August 29, 2023

Trump Says Banning TikTok Would Help ‘Enemy’ Facebook

March 8, 2024

Staying Cool To Keep Stress Levels Down

July 31, 2024

Kroger, DocuSign, Snowflake, Adobe and more

September 8, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

North Korean Exports Hit Record High Since UN Sanctions Took Full Effect

December 22, 2023

Taylor Swift Appearance Boosts NFL Ratings to 24.3 Million Viewers

September 26, 2023

Norwegian Cruise lifts profit forecast on higher ticket prices, steady demand

May 1, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.