Now the pressure for a bonus ban is mounting

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Credit Suisse is due for the next bonus round on Friday. Despite the takeover by UBS, CS said in an internal memo. But the Federal Council could thwart this request.

The Banking Act provides that the state government can order systemically important banks to take action if the state “provides direct or indirect state support from federal funds”. For example, the Bundesrat can “prohibit the payment of variable remuneration in whole or in part” or at least “order adjustments to the remuneration system”.

Finance department promises measures

The Federal Council could take action on this. When asked, the Finance Directorate writes: “As provided for in Art. 10a of the Banking Act, the Federal Council will order measures in the field of remuneration.” Appropriate decisions will be communicated. But it is unclear when, because this week there is in any case no ordinary Bundesrat meeting on the agenda.

The parties exert political pressure. A ban on bonuses for CS bankers is widely demanded. Even the common citizen shakes his head at the greed of the CS managers. The “Tages-Anzeiger” calculated that while CS has made a cumulative loss of CHF 3.2 billion since 2013, top executives earned CHF 32 billion (not millions!) in bonuses during the same period.

FDP talks about greed

This now even takes the hat off to the bank-friendly liberals. At a hastily convened media conference, FDP leader Thierry Burkart (47) demanded “no bonuses be paid” on Monday.

FDP National Councilor Beat Walti (54) added: “Individual bankers’ greed outweighed their responsibility.” It must therefore be checked whether bonuses from previous years have to be repaid.

SVP army speaks of insult

“If they had any decency, they would pay back their bonuses,” SVP Landsraadslide Alfred Heer said on Blick TV. You really shouldn’t give the CS people a bonus. That would be an insult.” And the young SVP now makes a Juso-like appeal to the Bundesrat: “Make sure no billions in bonuses are paid to management and staff from Credit Suisse’s annual accounts.”

And leader of the Mitte, Philipp Matthias Bregy (44), tweeted on Tuesday: “I am against bans in principle, but there is probably no other way.” CS can’t be so ignorant as to pay out bonuses in the current situation. “You’ve only just been saved. Already forgotten?”

GLP boss Jürg Grossen (53) also makes it clear to Blick: “There must be a ban on bonuses or a bonus refund if federal money is touched.”

SP also immediately wants a wage ceiling

What the bourgeoisie is now demonizing at CS has long been a thorn in the side of the left. Again and again SP or Greens attacked the bonus culture of the big banks. Now again.

The SP advocates “convenient preconditions in the banking sector”, it writes in a statement. “This includes a ban on bonuses and a wage cap for systemically important banks, where the state must intervene in an emergency.”

Source:Blick