The government says Credit Suisse must suspend bonus payments to staff. The decision will affect some payments already agreed last year – but not yet implemented.
The government has the power to stop bonuses under the Banking Act if it’s forced to intervene with its operations.
Meanwhile a group of trade unions are fighting to save jobs after the merger with UBS. The unions say ordinary working people should not take the blame for the decision of managers.
They’re also demanding that anyone who does have to lose their job should be well looked after.
Credit Suisse employs 17,000 people – so there’s a risk of thousands of job cuts, say the unions.
The news of the merger is now being calmly accepted by the markets, European markets all rose yesterday, with the banking sector rebounding.
UBS shares were up over 3.3%
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