The Swiss government says it's ordered cuts to the bonuses of top executives of Credit Suisse, with nearly 1,000 managers being “deprived” of tens of millions combined as the troubled bank heads toward a forced merger with rival UBS.
The Federal Council, a seven-member panel that runs Switzerland's executive branch, announced Wednesday that it has instructed the Finance Department to cancel altogether or reduce by either one-half or one-quarter such bonuses due last year among the top three rungs of management.
