Credit Suisse is Just Paying Bonuses to Employees This Year
Credit Suisse is just paying bonuses to its employees this year. The board of the Swiss bank, forced to be taken over by industry peer UBS, writes this in a memo to all employees on Monday.
Many employees will receive an annual bonus later this month. But performance bonuses will also be paid this year, according to the troubled bank.
Credit Suisse says it will comply with all applicable wage agreements. However, the bank does make a reservation in this regard. The Swiss government can still intervene in the performance bonuses.
The acquisition of Credit Suisse is not expected to be completed until the end of the year. Until then, the memo says that Credit Suisse will continue to operate as much as possible as if it were business as usual.