The Swiss financial market will see jobs disappear due to the coronacrisis. But also some important key numbers, ties and managers are about to disappear. Even cash is not safe anymore.
All bank branches in the Chinese Hubei province – home to Wuhan – were kept closed over several months due to the corona pandemic. Many didn't even notice, the «Financial Times» noted recently (story behind paywall). Because people were able to do all their banking business online, especially payments using Alipay or Wechat Pay. So it is no surprise that people have begun asking themselves whether banks are still needed.
In fact, the coronacrisis has hit the financial market across the globe like a whirlwind. Much of what looked and felt like a certainty will be gone soon. The coronacrisis isn't the only reason for this – but the rather a catalyst for change that was long overdue. finews.com has taken a look at the most important points.
1. Jobs: Massive Cuts
The signals are clear and evident for all to see. The Swiss financial market is due for massive job cuts in coming months. Most banks have operated with oversized numbers of staff despite progress in digitization, rising costs and lower margins. With the onset of a recession, this is about to come to an end.
Credit Suisse Chief Executive Thomas Gottstein hinted at it a few weeks ago in an interview with «Neuen Zürcher Zeitung». A survey among readers of finews.ch also revealed as much: a large majority believes that there will be a major cull in the Swiss financial market with as much as 40 percent of all jobs due to be eliminated.
2. Offices: Soon to Be Seen in the Museum
Fewer jobs obviously means less demand for offices. With the new trend to more home office, which will help banks save more money, the office as we know it is a thing of the past – to be marveled at in a museum of quirky exhibits – as has been suggested by the «Financial Times» (story behind paywall) recently.
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