The Federal Council said the measure pertains to already granted but deferred remuneration for the financial years up to 2022. The Council has also instructed the FDF to propose further measures on variable remuneration for the financial years up to 2022 and thereafter.

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Credit Suisse's Executive Board has also decided to waive its variable remuneration for the 2022 financial year and the decision has been acknowledged by the Federal Council.

Price Action: NYSE-listed shares of Credit Suisse closed 2.46% higher while UBS shares ended Tuesday's session 11.88% higher.

The Swiss government also indicated that for reasons of legal certainty, the Federal Council is refraining from retroactively prohibiting already granted and immediately payable variable remuneration for Credit Suisse employees for the 2022 financial year.

"The aim of this is also to avoid impacting employees who did not themselves cause the crisis," it said.

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