Credit Suisse bonus cuts were unlawful, court rules

South Korea's financial watchdog moves to revamp bonus schemes across finance sector amid public outcry

The Financial Supervisory Service (FSS) pledged to address short-term-focused incentive structures prevalent in the financial sector, warning that these practices could undermine the health of individual firms and threaten the stability of the broader financial system, officials said Thursday. The comments came as the financial watchdog conducted a review of performance-based compensation systems across the financial sector. The review follows c…

Credit Suisse bonus cuts were unlawful, court rules

Swiss court says government did not have legal authority to strip bankers of payouts

Credit Suisse Bankers Shouldn’t Have Been Stripped of Bonuses, Court Says

The Swiss government’s decision to strip former Credit Suisse bankers of their bonuses because the now-defunct bank had to be rescued by UBS Group AG with help from the government was unlawful, a Swiss court has ruled.

The Swiss Federal Administrative Court (FAC) has ruled that the reduction or cancellation of variable remuneration ordered by the Swiss financial authorities for the three senior management levels of Credit Suisse, after the intervention of the entity in March 2023, was "illegal".

The decision of the Federal Administrative Court not to allow the reduction of the bonuses of the senior executives of Credit Suisse revives the discussion on banking regulation. The Federal Council is expected to announce in June an amendment of the latterThe decision of the Federal Administrative Tribunal (TAF) relating to the bonuses of the former executives of Credit Suisse has made the effect of a small bomb. In the absence of a legal basis…

The Swiss government had former Credit Suisse managers' bonuses canceled following the forced merger with UBS. This was unlawful, as the Federal Administrative Court has now ruled.