FDF can’t eliminate Credit Suisse bonuses, says court

Credit Suisse bonus cuts ordered by Switzerland’s Federal Department of Finance (FDF) are illegal, according to a ruling by the Federal Administrative Court (FAC).

The judgement came after a May 2023 order by the FDF that Credit Suisse cut outstanding bonus payments for the executive board.

This came in the wake of the government’s liquidity assistance loan to Credit Suisse in March 2023. As well as completely cutting bonuses for the executive board, it included a reduction of 50% in bonuses for one level below the executive board, and by 25% for two levels below the executive board.