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The situation is clear: in Bern the National Council has decided to ban bonuses for the new, consolidated UBS. It seems that this is not going well for Credit Suisse employees because they are not getting some of the promised bonuses.
As reported by “Sonntagszeitung”, Credit Suisse’s former management members and some senior asset management are known to pay large fees and share profits. And for years.
Spicy: Payments were mostly not included in the annual report. As the “Sonntagszeitung” continues, the hidden profit sharing goes back to former CS CEO Brady Dougan (63). He left Credit Suisse in 2015.
It is said that Dougan gave direct profit participation to hedge funds valid for 15 years to his close circle in 2008. This is how hidden special bonus payments were made in 2019. And hundreds of millions. In 2019 alone, two payments were made, totaling CHF 50 million. (be)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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