The Swiss government has cut bonuses for about 1,000 senior bankers at Credit Suisse, with the executive team losing their outstanding variable pay entirely, after the lender’s rescue by its rival UBS last month.
Following a meeting on Wednesday, the federal council, Switzerland’s executive body, called on the finance ministry to cut bonuses at Credit Suisse worth up to a total of SFr60mn ($66.1mn).
The bank has also been ordered to consider whether bonuses that have been paid out can be recouped, and to report to the finance ministry and Finma, the financial regulator, on its efforts.
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