- Swiss government orders Credit Suisse to freeze deferred bonuses granted up to 2022.
- Bank can pay cash bonuses for last year as planned.
- Shares earned in long-term awards already worth a fraction of what was hoped.
- Contingent capital awards could be affected, adding to uncertainty for bank's employees.
- UBS wants to cherry pick top Credit Suisse dealmakers instead of supporting a First Boston spinout.
Credit Suisse Staff Face More Deferred Pay Pain on Swiss Ban
Credit Suisse Group AG was ordered by the Swiss government to freeze deferred bonuses, adding to the pain of bankers who had already seen the value of their awards decimated by the stock’s plunge.
Harry Wilson
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