Credit Suisse has given up trying to save its staff bonuses that were wiped out following the bank’s rescue by its rival UBS.
Just over $400mn of deferred pay for Credit Suisse middle managers was reduced to zero as a result of the state-orchestrated takeover and several bankers are preparing lawsuits against Finma, the Swiss regulator, over their losses, the Financial Times reported this week.
Credit Suisse had appealed to Switzerland’s Federal Administrative Court to protect the bonuses, which were linked to additional tier 1 bonds that were also wiped out. But the St Gallen court revealed on Tuesday that the bank had withdrawn its appeal.
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