The Swiss federalgovernment states it’s bought cuts to the benefits of top executives of Credit Suisse worth 10s of millions integrated as the bothered bank heads towards a required merger with competitor UBS
GENEVA — The Swiss federalgovernment states it’s purchased cuts to the rewards of top executives of Credit Suisse, with almost 1,000 supervisors being “deprived” of 10s of millions integrated as the bothered bank heads towards a required merger with competitor UBS.
The Federal Council, a seven-member panel that runs Switzerland’s executive branch, revealed Wednesday that it hasactually advised the Finance Department to cancel entirely or decrease by either half or one-quarter such perks due last year amongst the leading 3 rungs of management.
That will quantity to a loss of bonusoffer pay amountingto about 50 million to 60 million Swiss francs ($55 million to $66 million).
The relocation comes after Swiss authorities rushed in mid-March to cobble together a 3 billion Swiss franc ($3.25 billion) sale to UBS of Credit Suisse, which suffered rising outflows of deposits and a plunge in its share cost.
Two days after the dea