Swiss govt suspends forms of variable remuneration at Credit Suisse

Switzerland's finance department has issued an order to Credit Suisse to temporarily suspend certain forms of variable pay for the bank's employees, the Swiss government said.

"This measure relates to already granted but deferred remuneration for the financial years up to 2022, for example in the form of share awards," the Swiss Federal Council said in a statement. The government said that deferred payments that were already in the process of being paid out were exempt from the order.

The Swiss government also instructed its finance department to propose further measures on variable remuneration for Credit Suisse.

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