Representatives of the board of directors of Credit Suisse, Switzerland’s second largest bank, will not receive any additional payments in the form of bonuses of 50-60 million francs or 66.3 million dollars in total due to them for 2022. In this respect reported On the website of the Government of the Republic.
“At Credit Suisse, all unpaid variable fees will be waived for senior executives (Executive Board) by the end of 2022, reduced by 50% for management members one level below the Board of Directors and 25% for management members below two levels. “This will affect around 1,000 employees, who will be deprived of a total of about 50-60 million Swiss francs as a result of these measures,” says the Executive Board.
At the same time, the bank’s approximately 49,000 employees have already suffered significantly from Credit Suisse’s merger with Switzerland’s largest bank, UBS, and the sharp decline in the value of the credit institution’s shares. We are talking about losses of more than 2 billion francs, the government said.
“The total deferred variable pay for all of Credit Suisse’s approximately 49,000 employees is now CHF 635 million. This deferred variable award was 2.76 billion francs when given to employees. In other words, all employees have already suffered a total loss of more than CHF 2 billion due to the decline in the value of Credit Suisse shares.
April 5 Bloomberg, citing the source reportedHe said the leadership of Switzerland’s largest bank UBS is preparing an agreement to take over Credit Suisse, the country’s second-largest credit institution in terms of capitalization over the past three years. The plan was developed by Axel Weber, former chairman of the UBS Board of Directors, and Colm Kelleher, current chairman.