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Credit Suisse CEO Thomas Gottstein has said that the bank is likely to curb bonuses this year amid the coronavirus (Covid-19) pandemic.

“It is a bit early to talk about 2020 bonuses but we are certainly thinking in the direction that we want to show solidarity,” Gottstein told Swiss broadcaster SRF’s Eco programme.

According to Reuters, the bank is said to have paid loans worth CHF1.24bn ($1.29bn) in three business days. Nearly 7,800 companies availed these loans.

The move forms part of the government’s CHF20bn state-backed loan initiative, under which companies affected by Covid-19 can access loans at low or zero interest.

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The Swiss government also called on banks to reduce dividend payments to deal with the economic fall-out of the pandemic.

Credit Suisse still intends to pay out its 2019 dividend.

The bank would decide on the dividend to propose for 2020 at the end of this year.

However, it suspended its share buyback plan amid the market turbulence.

Meanwhile, rival UBS intends to distribute a 2019 dividend that is over half of its yearly profit.

Recently, the outgoing UBS CEO Sergio Ermotti reportedly donated around CHF1m to relief efforts for Covid-19.

The money will be offered to the people affected by Covid-19 in the Canton of Ticino, a region that is said to be the worst hit by the pandemic in Switzerland.

Separately, UBS donated CHF30m to families affected by the pandemic.