Salem Radio Network News Saturday, June 10, 2023


Swiss suspend bonus payouts to Credit Suisse staffers


( ) -q-29- UNDATED (Correspondent Jeremy House) “two U.S. banks.”

Switzerland’s government says it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS.

[CutID: <Cuts> CREDIT-SUISSE-BONUSES-house-q-WEDam.mp3
Time: 29s
Out-cue: two U.S. banks]

TAG: Correspondent Jeremy House reporting.

VERBATIM: The Swiss Department of Finance says federal law allows the government to set “remuneration-related measures” in cases involving Switzerland’s biggest banks. Authorities in Switzerland scrambled late last week and this past weekend to cobble together a $3.25 billion sale of Credit Suisse to UBS. An outflow of deposits and years of trouble raised fears that it could fail and trigger an international financial crisis after the collapse of two U.S. banks.

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