UBS demands bonuses back from CS staff

Monday, 27 May 2024 06:30

The bank UBS is demanding some former Credit Suisse employees to pay back bonuses paid to them in the last year of Credit Suisse before it was taken over by its major competitor.

The now defunct bank had a special programme for traders who sold financial products to mainly smaller investors – called the ‘Upfront Cash Award’.

Some have been told to pay back as much as CHF 100,000.

Unsurprisingly, the cases are going to court and the first rulings are coming in – in favour of UBS.

Most of the rulings are not yet final and could yet go to the Federal Court.

UBS is demanding over CHF 650m in bonuses paid to former Credit Suisse staff.

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