Any freeze on bonus pay, even if just temporary, may spur more Credit Suisse bankers to jump ship. Recruiters across the world are getting an unprecedented flood of calls from Credit Suisse bankers seeking new jobs as the embattled Swiss lender is set to be taken over by its larger Zurich rival.
Credit Suisse’s executive board on Monday decided to waive its variable remuneration for the 2022 financial year, the government said. Therefore the government said it’s not going to retroactively prohibit “already granted and immediately payable variable remuneration for Credit Suisse employees for the 2022 financial year.”
“The aim of this is also to avoid impacting employees who did not themselves cause the crisis,” it said. Still, the government said that it’s instructed the Swiss Finance Department to “propose further measures” on variable remuneration for 2022 and thereafter.
