The Swiss Federal Council has instructed the Federal Department of Finance (FDF) to cancel, or reduce by 50% or 25%, all outstanding variable remuneration for the top three levels of management at Credit Suisse. The bank also has to examine whether variable remuneration already paid out can be recovered, and report to the FDF and FINMA on the matter.
UBS is obliged to ensure that its remuneration system continues to give appropriate consideration to risk awareness and includes as a criterion the successful, i.e. most profitable possible, realisation of the Credit Suisse assets covered by the state loss guarantee.
On 19 March 2023, the Federal Council approved a package of measures to support the takeover of Credit Suisse by UBS. Among other things,…
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