https://sputnikglobe.com/20230405/switzerland-to-cap-bonus-payments-to-senior-executives-at-credit-suisse-ubs-1109179985.html
Switzerland to Cap Bonus Payments to Senior Executives at Credit Suisse, UBS
Switzerland to Cap Bonus Payments to Senior Executives at Credit Suisse, UBS
Sputnik International
Switzerland will halve bonuses paid to senior executives at Credit Suisse or cancel them because of state aid the banks received, the Swiss Federal Council said on Wednesday.
2023-04-05T20:53+0000
2023-04-05T20:53+0000
2023-04-05T20:53+0000
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"At Credit Suisse, all outstanding variable remuneration up to the end of 2022 will be cancelled for the highest level of management (Executive Board), reduced by 50% for members of management one level below the Executive Board and reduced by 25% for members of management two levels below the Executive Board," the Federal Council said in a statement. UBS, for its part, will be required to include in its compensation system, in addition to criteria such as risk awareness, a criterion relating to the effective realization, i.e. the generation of the highest possible profit, of the Credit Suisse assets, subject to the state loss guarantee. UBS, Switzerland's largest bank, is acquiring Credit Suisse for 3 billion Swiss francs ($3.3 billion). According to the Swiss central bank, Credit Suisse and UBS are eligible for financial aid of up to 109 billion francs. In late March, UBS Chairman Colm Kelleher said that the takeover would be completed in the coming weeks. In mid-March, Credit Suisse’s share price plunged nearly 30%, sparking fears of a liquidity crunch. The incident followed the recent collapse of several US financial institutions, including Silicon Valley Bank. The Swiss bank soon announced the sale of more than $3 billion in assets.
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credit suisse executive bonus
credit suisse executive bonus
Switzerland to Cap Bonus Payments to Senior Executives at Credit Suisse, UBS
MOSCOW (Sputnik) - Switzerland will halve bonuses paid to senior executives at Credit Suisse or cancel them because of state aid the banks received, the Swiss Federal Council said on Wednesday.
"At Credit Suisse, all outstanding variable remuneration up to the end of 2022 will be cancelled for the highest level of management (Executive Board), reduced by 50% for members of management one level below the Executive Board and reduced by 25% for members of management two levels below the Executive Board," the Federal Council said in a statement.
UBS, for its part, will be required to include in its compensation system, in addition to criteria such as risk awareness, a criterion relating to the effective realization, i.e. the generation of the highest possible profit, of the Credit Suisse assets, subject to the state loss guarantee.
UBS, Switzerland's largest bank, is acquiring Credit Suisse for 3 billion Swiss francs ($3.3 billion). According to the Swiss central bank, Credit Suisse and UBS are eligible for financial aid of up to 109 billion francs. In late March, UBS Chairman Colm Kelleher said that the takeover would be completed in the coming weeks.
In mid-March, Credit Suisse’s share price plunged nearly 30%, sparking fears of a liquidity crunch. The incident followed the recent collapse of several US financial institutions, including Silicon Valley Bank. The Swiss bank soon announced the sale of more than $3 billion in assets.
