09:25 AM EDT, 03/14/2024 (MT Newswires) -- Switzerland's lower house of parliament passed a motion late Wednesday requiring senior managers of major banks to return half their pay over the previous decade if the bank has to be rescued, Reuters reported.

The measure comes a year after Switzerland provided billions of dollars in emergency liquidity to Credit Suisse before it was taken over by rival UBS (UBS), according to the report.

The motion, which was passed by a vote of 120-55 with 18 abstentions, must still be debated by the upper house, Reuters reported.

The Swiss government has indicated it opposes the measure, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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