ZKB Caps Bonuses and Raises Fixed Salaries
Published: Friday, Oct 27th 2023, 07:40
Updated At: Saturday, Oct 28th 2023, 01:55
Retour au fil d'actualité
The Zurich Cantonal Bank (ZKB) is limiting bonuses and increasing fixed salaries. Despite a surge in profits, the state bank is capping total variable compensation for the 2023 fiscal year at the same level as in 2022.
The ZKB announced on Friday in a communiqué that the variable compensation from the profit jump for the entire year 2023 will be decoupled, with which the bank can count on the good half-year results. The percentage of the variable compensation in the total compensation will be reduced in the new compensation model.
The Bank Council has decided this. With this, it is fulfilling its responsibility towards the owner and the policy.
The Swiss bank ZKB announced that it will adjust the fixed compensation of its executive board members to a market-appropriate level as of January 1, 2024. This follows the good business results of the past years, which have led to an increase in bonuses, while the fixed base salaries have remained largely constant and are currently below the market average in comparison to other companies in the industry. The bank's board of directors has decided to give more weight to the fixed compensation in the future.
©Keystone/SDA
French 
English 
German 
Spanish 
Arabic