Swiss Banks' Bonus Cuts and Rivalry with Morgan Stanley

The Swiss government has ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions combined as the troubled bank heads toward a forced merger with rival UBS. The Federal Council has instructed the Finance Department to cancel or reduce by either one-half or one-quarter such bonuses due last year among the top three rungs of management. That will amount to a loss of bonus pay totaling about $55 million to $66 million.