瑞士最高法院裁定，瑞银集团（UBS Group AG）收购其濒临崩溃的竞争对手瑞士信贷（Credit Suisse）时被剥夺奖金的银行家将无法拿回这笔钱，推翻了一项可能使多达1000名前员工受益的裁决。
Suisse bankers stripped of their bonuses when UBS Group AG bought its collapsing rival won’t get their money back, Switzerland’s top court ruled, overturning a decision that could have benefited as many as 1,000 ex-employees.
法官表示，由于救援方案得到了数十亿纳税人资金的支持，因此发放奖金将属于违法行为。“考虑到所需国家援助的规模，防止不合理的高额可变薪酬符合公共利益，”瑞士最高法院在周四发布的9月16日裁决中表示。
Judges said that because the rescue package was supported by billions in taxpayer money that it would be unlawful to pay out the bonuses. “Given the extent of the required state aid, there is a public interest in preventing unreasonably high variable compensation,” the Swiss Supreme Court said in a Sept. 16 ruling released on Thursday.
该裁决不可上诉，彻底终结了前瑞士信贷员工试图追回他们认为被错误扣除的奖金的尝试。虽然2025年的下级法院裁决仅涉及12名员工的测试群体，但该法院表示，其决定最终可能影响约1000人。
The verdict, which can’t be appealed, draws a line under the attempt by former Credit Suisse staff to receive bonuses they argued were wrongfully taken away from them. While the lower court ruling from 2025 ruling was for a test group of 12 employees, the lower court said its decision could ultimately affect about 1,000 people.
瑞士信贷于2023年3月被其更大的瑞士竞争对手瑞银收购，该收购得到了一项90亿瑞士法郎（约合109亿美元）的损失保护协议以及最高达1000亿瑞士法郎（约合1210亿美元）的公共流动性后盾的支持，瑞银后来终止了该协议。作为该救援方案的一部分，瑞士财政部下令瑞士信贷完全取消其执行董事会成员的奖金，将比他们低一级的管理者奖金减半，并将再低两级员工的奖金减少25%。
Credit Suisse was bought in March 2023 by its larger Swiss rival backed by a 9 billion franc ($10.9 billion) loss protection agreement and a public liquidity backstop of up to 100 billion Swiss francs ($121 billion), which UBS later ended As part of that rescue, the Swiss finance ministry ordered Credit Suisse to cut bonuses altogether for its executive board members, reduce them by 50% for managers a level lower, and by 25% for employees two levels down.
最高法院的裁决支持了财政部的原始命令，并维持了瑞士政府和瑞银的上诉。“瑞银注意到该决定，”该银行表示。
The top court’s verdict endorses the finance ministry’s original order, and upholds the appeal from the Swiss government and UBS. “UBS takes note of the decision,” the bank said.
周四，最高法院强调了不应将公共资金用于支付银行家奖金的必要性。它还表示，现有的瑞士银行法为最初取消奖金的决定提供了正当理由，而下级法院对案件的解释过于狭窄。
On Thursday, the Supreme Court highlighted the need to not put public money toward paying banker bonuses. It also said existing Swiss bank law provides justification for the original decision to scrap the bonuses and that the lower court’s interpretation of the case was too narrow.
法院规定，取消奖金的范围仅限于2022年底前已承诺但截至2023年3月21日——即瑞信获救当日——尚未发放的保证奖金。此外还包括2023年已承诺或到期的浮动薪酬，时间跨度从3月22日起，至迟不超过国家援助偿还之日或瑞信员工转入瑞银薪资名单之日。
The court stipulated that the cancellation of bonuses is limited to bonuses guaranteed by the end of 2022 but not yet paid out as of March 21, 2023 the date of Credit Suisse’s rescue. Also included is variable compensation guaranteed or maturing in 2023, from March 22 until no later than the repayment of the state aid or the transfer of Credit Suisse employees onto UBS’s payroll.
最后，最高法院在判决中也回应了潜在的异议，即鉴于瑞银已偿还国家援助承诺，这些奖金理应发放。
Lastly, the Supreme Court in its ruling also tackled the potential complaint that those bonuses should be paid given that UBS repaid its state aid commitments.
法院表示：“如果仅仅是推迟发放浮动薪酬，被告人仍将间接受益于国家援助——只是存在时间差——这会产生扭曲激励。”
“If the payment of variable compensation were merely deferred, the respondents would still indirectly benefit from the state aid — with a time lag — which creates perverse incentives,” said the court.