UBS Group AG 在一起法律纠纷中战胜了瑞信集团两名前董事总经理，后者主张其递延薪酬凭证在 2023 年两家银行合并时不应被减记。
Group AG prevailed against two former Credit Suisse Group AG managing directors who argued their deferred-compensation certificates shouldn’t have been written down when the banks merged in 2023.
UBS 于周三请求纽约州法院确认仲裁员作出的裁决，驳回前董事总经理 Martin Ego 和 Jeffrey Jennings 的索赔。他们的案件是这家瑞士银行面临的多起前瑞信高级银行家诉讼之一，争议焦点均为所谓的或有资本奖励凭证（CCA）。
UBS on Wednesday asked a New York state court to confirm decisions by arbitrators rejecting claims by the former managing directors, Martin Ego and Jeffrey Jennings. Their cases are among a number the Swiss bank has faced from former senior Credit Suisse bankers over so-called contingent capital award certificates, or CCAs.
瑞士政府促成了此次合并，以挽救当时濒临崩溃的瑞信。作为交易的一部分，瑞士政府要求 UBS 减记 CCA（瑞信将其作为递延薪酬发放）以及 170 亿美元所谓的额外一级资本工具（AT1）。CCA 参照 AT1 设计，两者均旨在当银行陷入困境时被减记或转为股权。
The Swiss government brokered the merger to rescue Credit Suisse, which was then in danger of collapse. As part of the deal, it required UBS to write down CCAs, which Credit Suisse awarded as deferred compensation, along with $17 billion in so-called additional tier 1 instruments, or AT1s. CCAs were modeled on AT1s. and both were designed to be written down or converted to equity when banks are in danger.
尽管瑞士金融市场监管局（FINMA）另有裁定，Ego、Jennings 及其他银行家辩称，并不存在触发 CCA 减记条款的“生存能力事件”。他们指出，该工具发行计划中的措辞表明，只有在改善瑞信“资本充足率”的其他手段均不可用或无效时，此类事件才会发生。
Though the Swiss Financial Market Supervisory Authority decreed otherwise, Ego, Jennings and other bankers argued that there was no “viability event” that triggered the CCA writedown provisions. They pointed to language in the instruments’ offering plan that they said showed that such an event could only take place when other means of improving Credit Suisse’s “capital adequacy” were unavailable or ineffective.
据银行家们称，由于瑞信在危机期间继续满足最低资本要求，任何政府援助都应被视为支持流动性而非资本充足性。但仲裁员驳回了这一推理，认定“‘资本充足性’是一个宽泛的术语，涵盖银行管理风险、吸收损失以及在面临金融和经济压力时继续运作的能力。”另一位仲裁员在瑞信前全球外汇与贵金属交易联席主管马特·米切尔（Matt Mitchell）提起的案件中得出了相反结论。
According to the bankers, since Credit Suisse continued to meet minimum capital requirements during the crisis, any government assistance should be regarded as supporting liquidity rather than capital adequacy. But the arbitrator rejected that reasoning, finding that “‘capital adequacy’ is a broad term encompassing a bank’s ability to manage risks, absorb losses, and continue functioning in the face of financial and economic stresses.”A different arbitrator reached the opposite conclusion in a case brought by Matt Mitchell, Credit Suisse’s former global co-head of foreign exchange and precious metals trading.
瑞银目前正寻求推翻向米切尔裁决的近100万美元赔偿。该行表示，它面临“一个不可能的选择”：要么违抗瑞士政府，要么不遵守仲裁裁决。
UBS is currently seeking to overturn a nearly $1 million award to Mitchell. The bank said it was confronting “an impossible choice” of disobeying the Swiss government or not complying with the arbitration award.
瑞银还请求法院维持另一项仲裁裁决，该裁决拒绝向瑞信前传播主管亚当·吉申（Adam Gishen）付款。
UBS has also asked a court to uphold a separate arbitration decision denying payment to Credit Suisse’s former communications head, Adam Gishen.
上周，瑞士最高法院裁定，当瑞信被瑞银救援时损失奖金的瑞信银行家们无法拿回这笔钱，推翻了此前可能使多达1000名前雇员受益的裁决。瑞银还在就瑞士行政法院撤销金融市场监管局（Finma）作为救助方案一部分下令的AT1债券减记一事提出上诉。
Last week, Switzerland’s top court ruled that Credit Suisse bankers that lost their bonuses when the bank was rescued by UBS won’t get that money back, overturning an earlier ruling that could have benefited as many as 1,000 former employees. UBS is also appealing a Swiss administrative court’s decision to revoke the writedown of AT1 bonds ordered Finma as part of the bailout package.
埃戈（Ego）于2015年至2021年10月在固定收益部门工作，获发总额36万美元的证书。詹宁斯（Jennings）2009年加入瑞信证券，曾任欧洲、中东和非洲地区主要经纪业务主管及都柏林分行行长，于2019年12月离职。他获得了59.5万美元以上的证书。
Ego worked in the fixed-income department from 2015 to October 2021 and was awarded certificates totaling $360,000. Jennings joined Credit Suisse Securities in 2009 and worked as the head of prime services for Europe, the Middle East and Africa and the head of the Dublin branch before leaving the bank in December 2019. He received more than $595,000 in certificates.
代表埃戈、詹宁斯以及米切尔和吉申的律师约书亚·斯洛库姆（Joshua Slocum）拒绝置评。瑞银也拒绝置评。
Joshua Slocum, a lawyer who represented Ego and Jennings as well as Mitchell and Gishen, declined to comment. UBS also declined to comment.
瑞银（UBS）同样面临AT1债券持有人提起的一波诉讼。今年早些时候，纽约联邦上诉法院裁定，AT1债券持有人不能在美国就减记一事起诉瑞士政府，维持了下级法院驳回其诉讼的判决。
UBS has also faced a wave of suits by AT1 holders. A federal appeals court in New York earlier this year ruled that AT1 bondholders couldn’t sue the Swiss government in the US over the writedown, upholding a lower court decision dismissing their suit.
瑞信（Credit Suisse）在一系列不利事件冲击下濒临崩溃，其中包括2021年阿切戈斯资本管理公司（Archegos Capital Management）的暴雷。瑞信是阿切戈斯最大的交易对手方，最终在黄佰韬（Bill Hwang）家族办公室倒闭后损失超过50亿美元。
Credit Suisse was pushed to the brink of collapse following a series of adverse events, including the implosion of Archegos Capital Management in 2021. The Swiss bank was the largest counterparty of Archegos and ultimately lost more than $5 billion after the failure of Bill Hwang’s family office.
瑞银正在逐步化解2023年收购瑞信所继承的其他法律问题。截至第二季度末，瑞银估计其因瑞信交易产生的或有负债为3亿美元，较前一年的15亿美元有所下降。瑞银首席执行官塞尔焦·埃尔莫蒂（Sergio Ermotti）在7月表示，瑞信的整合工作几近完成。
UBS is chipping away at other legal issues it inherited in the 2023 acquisition of Credit Suisse. At the end of the second quarter, UBS estimated its contingent liabilities from the Credit Suisse deal at $300 million, down from $1.5 billion the year before. UBS Chief Executive Officer Sergio Ermotti said in July that the integration of Credit Suisse is almost complete.