UBS and C Suisse account for 3/4 of Swiss banking job losses

UBS and Credit Suisse accounted for about three out of four job losses in the Swiss banking industry last year, even though they employ less than half the local workforce.

Bloomberg News reports that at the end of 2014, 104,053 people were working full-time in Switzerland for the country’s banks, a decline of 1,682, or 1.6%, from a year earlier, the Swiss Banking Association said in its annual report Thursday.

'As in previous years, the employment trend was affected by ongoing consolidation and cost-saving and efficiency measures in 2014', the association said. 'This decrease reflects the more difficult economic framework conditions'.

UBS and Credit Suisse’s combined domestic workforce shrank about twice as fast as that of the sector as a whole. Switzerland’s two big global banks were responsible for 1,237, or 74%, of the job cuts, a drop of 3.3% in their Swiss workforce from 2013.

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UBS, Credit Suisse Account for Most of Swiss Bank Job Cuts

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