Swiss Suspend Bonus Payouts to Credit Suisse Staffers

Five to twelve "fuenf vor zwoelf" is written on a clock next to a logo of the Swiss bank Credit Suisse in Zurich on March 20, 2023. Ennio Leanza/Keystone via AP

GENEVA—Switzerland’s government said Tuesday that 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.

The Swiss Department of Finance says federal law allows the government to set “remuneration-related measures” in cases involving Switzerland’s biggest banks.