Credit Suisse’s board collectively is slated to make 34 million francs ($37 million) this year in fixed compensation.
The Swiss government on Tuesday said it would restrict bonuses at Credit Suisse after the bank agreed to be taken over at a steep discount by UBS UBS, +11.97%.
Invoking a rule about systemically important banks getting state aid, the government said it has ordered Credit Suisse CS, +2.46% to suspend deferred bonuses that have not already been made covering years up to 2022. Credit Suisse had already decided not to award bonuses to its executive board members for 2022.
The board collectively is slated to make 34 million francs this year in fixed compensation, and the bank proposed a deferred share-based “transformation award” of up to 70 million francs. The government also said it did not want “employees who did not themselves cause this crisis” to be affected.
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