Image: FABRICE COFFRINI (AFP)
According to media reports, it will mainly affect CS with its almost 50,000 employees worldwide. In Switzerland in particular, there is a lot of overlap in personnel.
Despite the recent billions in losses, CS wants to pay its executives bonus payments of one billion francs. According to a letter, most of these have already been paid out. Employees were also assured that outstanding bonuses and salary increases would be paid as planned.
On Tuesday evening it became known that the Swiss government had frozen bonus payments for the time being. This affects remuneration that has already been promised but has been deferred for the financial years up to 2022, such as stock entitlements. The government also wants to examine further measures for variable remuneration.
In addition, the AT1 bonds of CS, which have become worthless, could have legal consequences. British and US law firms are working on investor class action lawsuits. It is about 16 billion Swiss francs, which must be written off by official order.
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