Working for a Swiss bank may have lost some of its luster, but at least it remains lucrative. And one bank in particular is rewarding its staff handsomely.
The best paid bankers in Switzerland are working for Vontobel, the Zurich-based private bank. The company paid an average 316,000 Swiss francs to its bankers last year. This is by far the highest average wage among the six banks in our comparison. UBS, Credit Suisse, Raiffeisen, Zuercher Kantonalbank and Julius Baer round out the list.
The average wage paid by Vontobel was also significantly higher than in 2016, when the bank forked out an average of 290,000 francs – the top wage level for that year.
For the comparison, finews.com used the number of full-time equivalents and the total spending on personnel, which isn't the same as wages and bonuses of course. But the calculation and the average «wage per member of staff» gives a fair indication of the compensation paid at the companies compared. Here’s what is particularly noteworthy:
1. Asset Management a Wage Driver at Vontobel
Vontobel tops the ranking, which in the past was mainly due to one person: Rajiv Jain. When he left, the average wage dropped below 300,000 francs in 2016. In 2017 however, the average shot up again. The high compensation in all likelihood reflects asset management pay, where fund managers receive a bonus based on their performance.
2. Credit Suisse Wage Erosion
Credit Suisse has been squeezing costs for years – and it shows. In 2017, the average wage dropped again to 217,000 francs.
In 2011, the compensation averaged 266,000 francs. Clearly, the No. 2 bank today lags the No. 1 with respect to how well it pays employees.
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