Swiss cut up to $66M in bonuses for top Credit Suisse execs

GENEVA (AP) — The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions combined as the troubled bank heads toward a forced merger with rival UBS. The country’s executive branch announced Wednesday that it’s instructed the Finance Department to cancel altogether or reduce by either one-half or one-quarter such bonuses due last year among the top three rungs of management. That will amount to a loss of bonus pay totaling about $55 million to $66 million. The move comes after Swiss authorities scrambled in mid-March to cobble together a $3.25 billion sale to UBS of Credit Suisse, which suffered surging outflows of deposits and a plunge in its share price.