Swiss Court Upholds Bonus Cuts
Switzerland's highest court has upheld government-ordered bonus cuts for top Credit Suisse executives following the bank's collapse. The ruling overturns a lower court decision and confirms that banking law permits the measures.
Xurve View
Insights:
Xurve View
Switzerland's highest court upheld cuts and cancellations of bonuses for top managers at Credit Suisse on Thursday afternoon, confirming the legality of government-ordered measures following the bank's collapse. The decision reverses a previous lower court ruling that had found the financial penalties unlawful. The state-engineered rescue of Credit Suisse by UBS GROUP AG-REG in March 2023 prompted the intervention.
