The Federal Council cancels or cuts any outstanding bonuses the three top management levels of CS, as the government wrote on Wednesday. Affected are around thousand employees.
The General Assembly of UBS has all members of Board of Directors confirmed. Also the one requested compensation for the bank management was approved.
Yesterday was at the CS-GV Board of Directors and President Axel Lehmann re-elected. However, the shareholders rejected the amount for the fixed remuneration of the management for the remaining weeks until the merger.
The UBS will the CS for three billion francs take over. In order to reduce risks for UBS, the federal government is taking on a Loss guarantee of nine billion Swiss francs.
Overall, the federal government and the Swiss National Bank (SNB) provide security guarantees 259 billion francs available.
A compilation of the most important articles on the current banking crisis can be found here.
Credit Suisse: Takeover by UBS
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KEYSTONE/Michael Buholzer
The major bank Credit Suisse is taken over by UBS. The latest developments relating to CS and the current banking crisis in Switzerland as well as reactions and assessments can be found here.
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