B-10-01 FINMA Circ. 10/1

In a recent ruling, the managing director of a bank was unsuccessful in his claim for back pay for untaken vacation, even though he believed he was entitled to it, since the severance agreement he had signed with the bank did not specifically address this issue (TF 4A_496/2022 of November 6, 2023). The facts were as follows: the managing director of a bank received an annual salary of 600,000 francs and was entitled to twenty-eight days' vacation per year. His[...]