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AP National Business

Swiss suspend bonus payouts to Credit Suisse staffers

KTVZ
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Published 11:20 am

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Switzerland’s government says it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS. The Swiss Department of Finance said Tuesday that federal law allows the government to set “remuneration-related measures” in cases involving Switzerland’s biggest banks. Authorities in Switzerland scrambled late last week and this weekend to cobble together a $3.25 billion sale of Credit Suisse to UBS. An outflow of deposits and years of trouble raised fears that it could fail and trigger an international financial crisis after the collapse of two U.S. banks.

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