Credit Suisse’s Dougan gets CHF2m more, bank sets aside

ZURICH, SWITZERLAND – Brady Dougan isn’t the person who sets his pay, as chief executive officer and not chairman of the board of Credit Suisse. But his 34 percent increased compensation in 2012 is likely to set tongues wagging in Switzerland, following a vote three weeks ago in favour of curbing executive pay. The bank’s […]

EU move to cap bank exec’s salaries: eyes now on Swiss vote (correction)

GENEVA, SWITZERLAND – The European Union parliament in the late hours of Wednesday agreed to cap bank executives’ bonuses at no larger than their fixed annual salaries, with rare exceptions. The move comes just four days before Swiss voters decide on the hotly debated Minder Initiative, sometimes called the “rip-off” initiative, in a referendum. The […]

Breaking news: Novartis’s Vasella renounces CHF72m pay deal

BASEL, SWITZERLAND – Daniel Vasella, chairman of the board of Novartis who will step down at the annual general meeting Friday 22 February, will not receive a CHF72 million no-competition payment, when he steps down. The company has indicated that by mutual agreement, his contract will end after the AGM, ending all additional payment clauses. […]

Swiss business, economy: CS management pay cuts, 2012 GDP forecast up

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ZURICH, SWITZERLAND – The KOF, the economic research institute at the University of Zurich has upgraded its forecast for the Swiss economy in 2012, noting that the 0.8 percent rise hides a stronger upward swing towards the end of the year. The group notes in a press release: “Private consumption will make the biggest contribution […]

Swiss corporate execs’ salaries bounce back

Zurich, Switzerland (GenevaLunch) – Executives at the 20 companies that make up the SMI (Swiss Market Index), the leading Swiss companies on the Swiss stock exchange, earned 18 percent more in 2009 than in 2008. The figures were released by PricewaterhouseCoopers (PwC) 29 September, which also surveyed the 28 companies on the SMIM index. Their […]

UBS general meeting: angry shareholders speak up

Chairman apologizes for role in helping some US clients evade taxes, says bankers’ pay will eventually come down Basel, Switzerland (GenevaLunch) – “Are we to blame ourselves, because we believed the board and accepted their proposals?”   asked a Mr Gerber, from a group of shareholders that calls itself the Association of Persons Injured by […]

Hannibal Qadaffi’s civil case opens: he says money not the point

Charges against Tribune de Geneve journalist dismissed by judge Geneva, Switzerland (GenevaLunch) – The legal case opened Thursday 18 March between Hannibal Qadaffi, son of Libya’s leader, and canton Geneva plus the Tribune de Genève newspaper. The judge quickly dismissed charges against a journalist working for the Tribune who had approved but not selected the […]

UBS stirs the bonus controversy anew with executive pay

Zurich, Switzerland (GenevaLunch) – UBS’a annual report, published Monday 15 March, stoked the fire under a debate in the lower house of Swiss parliament over limiting executive pay packages. Thirteen top managers at the Swiss bank were paid CHF68.7 million in 2009, of which nearly CHF55 was in the form of bonuses, and the bank […]

Geneva airport strike continues but passengers fret over lost bags

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Geneva, Switzerland (GenevaLunch) – A very small number of Geneva airport’s Swissport baggage handlers remain on strike after lengthy negotiations with cantonal officials failed to bring about a settlement by 8 January. Airline passengers took little interest in the striket, faced with their own concerns about lost bags and missed flights: bags misplaced a week […]

Goldman managers get bonuses in stock

Goldman Sachs executives who are expected to receive some $20 billion in bonuses in 2009 will receive the payments in the form of company shares that they cannot sell for five years, the New York-based group said Thursday 11 December. Goldman has been at the centre of a heated public debate over compensation to managers […]