Credit Suisse has told staff that it will continue to hand out bonuses and pay rises as planned this year, despite the bank having to be rescued by UBS in a SFr3bn ($3.25bn) deal over the weekend.

Shortly after the Swiss lender was saved from bankruptcy on Sunday night, chair Axel Lehmann and chief executive Ulrich K?rner reassured employees in a memo that they would still be paid on Friday.

“We will pay salary and bonus, where outstanding, as per the previously communicated schedule?.?.?.?[and] we will continue to allocate for a 2023 performance bonus for those eligible,” the pair said in an internal email seen by the Financial Times. “We will continue to honour our obligations and already communicated salary increases will still be effective from April 2023.