16/05/25

SWITZERLAND: Swiss court rules Credit Suisse bonus cuts were unlawful; Julius Baer to pay $5mn over money-laundering probe

As published on: thebanker.com, Friday 16 May, 2025.

Switzerland’s Federal Administrative Court ruled on Tuesday that the government acted unlawfully when it instructed Credit Suisse to cancel or reduce bonus payments for former executives following the bank’s collapse in 2023.

The order, issued by the finance ministry after Credit Suisse’s state-backed rescue by UBS in March 2023, required the bank to cancel bonuses for executive board members entirely, reduce them by 50 per cent for senior managers one tier below, and cut them by 25 per cent for employees two levels down.

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Switzerland Credit Suisse Money Laundering