Politics · Switzerland · 1 hr ago
Swiss court upholds cancellation of Credit Suisse managers’ unpaid bonuses
Switzerland’s Federal Supreme Court upheld the cancellation of unpaid Credit Suisse bonuses in a ruling published Thursday.
The bonuses belonged to managers at the bank, which UBS took over in an emergency rescue in 2023.
In May of that year, the government cut or cancelled unpaid variable pay for about 1,000 managers, including those in the bank’s three top leadership levels.
The cuts ranged from 25% to 100% and totalled 62 million Swiss francs.
Some managers challenged the decision, and a lower court ruled in their favour in May 2025.
The supreme court now found that Article 10a of the Banking Act allowed the cuts, overturning that lower-court ruling.
The decision confirms that the government could reduce or cancel the bonuses after the public rescue of Credit Suisse.
Switzerland’s Federal Supreme Court ruled that cancelling or cutting unpaid bonuses for former Credit Suisse managers was lawful.
The court accepted an appeal by the Swiss Confederation and UBS, overturning a 2025 ruling by the Federal Administrative Court.
The bonuses were cut or reduced in 2023 after UBS took over Credit Suisse.
The court said Article 10a of the Banking Act provided a sufficient legal basis for the measure.
- Who
- The Swiss Federal Supreme Court ruled on an appeal by the Swiss Confederation and UBS.
- What
- It upheld the cancellation or reduction of unpaid bonuses for former Credit Suisse managers.
- When
- The ruling was published on October 15, 2026.
- Where
- Switzerland.
- Why
- The court found that Article 10a of the Banking Act provided a sufficient legal basis for the measure.
Swiss Confederation and UBS
Credit Suisse managers who challenged the bonus cuts
Legal basis
Swiss Confederation and UBS
The Confederation and UBS argued that Article 10a of the Banking Act allowed the cuts.
Credit Suisse managers who challenged the bonus cuts
The managers challenged the finance department’s order; the Federal Administrative Court ruled in their favour in May 2025.
Outcome
Swiss Confederation and UBS
The Federal Supreme Court upheld the cuts.
Credit Suisse managers who challenged the bonus cuts
The managers’ challenge was rejected by the Federal Supreme Court.
The Federal Department of Finance, acting on behalf of the Federal Council, cut or reduced unpaid bonuses for around 1,000 Credit Suisse managers.
The Federal Administrative Court ruled that the bonus cuts were unlawful.
The Federal Supreme Court published its ruling upholding the cuts.
- Managers affected
- Around 1,000
- Bonus reductions
- Between 25% and 100% of unpaid variable compensation
- Total bonus amount cut
- 62 million Swiss francs
- Legal provision
- Article 10a of the Banking Act