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Swiss Supreme Court Denies Bonuses After Credit Suisse Collapse
The Swiss Supreme Court has upheld the decision of the Ministry of Finance to cancel the bonuses of senior executives at Credit Suisse following its collapse and the acquisition of the bank by UBS in March 2023. The court confirmed the legality of the measure, considering it part of the procedures for managing the financial fallout. Previously, the Swiss government had ordered the complete or partial cancellation of bonuses due to be paid to approximately a thousand employees, despite opposition from some officials who deemed such actions illegal. However, the Supreme Court affirmed that financing with public funds was unlawful during the periods of government support for the bank. This decision comes in the context of Swiss authorities' efforts to rescue the bank and establish a legal basis for reducing or canceling bonuses when the government intervenes, especially after UBS's acquisition of Credit Suisse as part of emergency measures to prevent the bank's collapse and its potential impact on the financial system.
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