ক্রেডিট সুইসের ব্যাংকারদের बोनस কাটার decided keeping Supreme Court of Switzerland has upheld the government decision to strip former Credit Suisse bankers of their bonuses following the lender’s rescue by UBS, overturning a ruling that found the move to be unlawful. Judges at the country’s top court said that because the rescue package was supported by billions in taxpayer support, the payment of bonuses was unlawful. "Given the extent of the required state aid, there is a public interest in preventing unreasonably high variable compensation," the Swiss Supreme Court said in a ruling dated September 16, which was released on Thursday. The decision, which cannot be appealed, marks the end of a legal battle brought by a group of Credit Suisse bankers who argued that their bonuses were wrongly stripped from them following the bank’s takeover.
As part of UBS’s state-orchestrated rescue of its stricken rival in 2023, the government provided the bank with a loss-protection agreement of SFr9bn ($10bn) and a public liquidity backstop of up to SFr100bn, both of which UBS later terminated. The Swiss finance ministry cut bonuses for about 1,000 senior bankers at Credit Suisse, with the executive team losing their outstanding variable pay entirely. Bonuses for managers one level below the executive board were slashed by 50 per cent, while employees two levels below had their bonuses cut by 25 per cent.
উৎস: Financial Times Companies · সারাংশ: HeadlinesBriefing