Image: FABRICE COFFRINI (AFP)
On Wednesday, the government decreed, among other things, that all outstanding variable remuneration for the top three management levels at Credit Suisse must be canceled or reduced by 50 or 25 percent.
Credit Suisse must also check whether bonuses that have already been paid out can be reclaimed. Among other things, UBS is obliged to specify the successful – i.e. as profitable as possible – utilization of the Credit Suisse assets covered by the state loss guarantee as a criterion in its remuneration system.
Troubled Credit Suisse is taken over by UBS in a government-orchestrated bailout. The federal government and the Swiss National Bank (SNB) are supporting the rescue operation with liquidity aid and guarantees worth billions.
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