2023-05-24 20:53:31
Credit Suisse will have to examine the possibility of returning the bonuses paid to its managers since 2019, announced the Federal Department of Finance (FDF). Former director Tidjane Thiam is concerned.
The bank will have to “report the conclusions of these examinations” to the FDF, as well as to the Swiss Financial Market Supervisory Authority (FINMA), he specifies in a press release detailing the implementation of a decision of the Federal Council to abolish bonuses.
In early April, just over two weeks following the emergency rescue of Credit Suisse, the government demanded that all variable compensation for the bank’s highest decision-making level due until the end of 2022 be canceled.
He had asked for bonuses to be reduced by 50% for the level just below the management team, and by 25% for managers at the third level.
This decision concerns approximately 1,000 employees and represents an amount of approximately 50 to 60 million francs. The Federal Council had also asked that the possibility of requiring the return of bonuses be examined.
All patterns since 2019
The DFF, in charge of the implementation of this decision, specifies Tuesday in the press release that these bonuses concerning the members of the management can go back until 2019.
The bank was then headed by the Franco-Ivorian Tidjane Thiam, who had handed over control in early 2020 to the Swiss Thomas Gottstein following a scandal of the spinning of former employees.
The German-Swiss Ulrich Körner then took over the management in August 2022 to try to turn around the bank whose reputation was tarnished by the bankruptcy of the British financial company Greensill and the implosion of the American fund Archegos.
Details still unknown
It is difficult to know the amounts involved in this case. “Such an estimate does not exist. The restitution of variable components of the salary already paid is governed by private law”, writes the DFF. For its part, Credit Suisse does not comment.
What bonuses might be collected? According to Rémy Wyler, lawyer and professor of law at the University of Lausanne, two cases arise: “I think that people who have received bonuses will not have to return them, from the point of view of labor law. The only small The reservation that I formulate would be for the board of directors and the people who are close to it and who would have been aware that they were receiving in bad faith and improperly benefits that they should not have received”, he maintains. in the 7:30 p.m.
UBS also affected
As required by the government, the DFF also orders UBS to include in its remuneration system measures encouraging those in charge of Credit Suisse assets to minimize losses, in order to avoid dipping into the sums made available. by the Confederation.
UBS will also have to integrate criteria such as risk awareness and compliance with rules of conduct into its remuneration system, the statement said.
Subject TV: Matthieu Hoffstetter
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