Investment Banking

Credit Suisse executives lose millions in bonuses as Swiss government wields axe

1,000 staff face cuts to variable compensation, with board member bonuses wiped out entirely

The pain is far from over for top Credit Suisse staffers
The pain is far from over for top Credit Suisse staffers Photo: Fabrice Coffrini/Getty Images

The Swiss government slashed bonuses for top managers at Credit Suisse by tens of millions of dollars, after the lender’s implosion and $3.2bn fire sale to rival UBS.

The Swiss Federal Council said it would wipe out all outstanding variable remuneration for Credit Suisse’s executive board.

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