Swiss banking still has some highly sought after and well paid jobs to offer. The latest survey on banking pay by Page Group, available exclusively to finews.com, also shows that the coronacrisis has barely had an effect on the bonuses paid in the industry, despite fears to the contrary.
The virus hasn't yet affected the salaries paid in Swiss banking – this is the main conclusion drawn by Page Group, based on its latest survey. The salaries have barely moved since the end of March, when the pandemic broke in Western Europe.
A detailed survey by Page (see table below), available exclusively to finews.com, shows that the industry is still paying among the highest salaries.
The Highest Bonus Percentage in Investment Banking
A head of private banking on average has an annual base salary of 340,000 francs ($374,000) plus 70 percent of the base salary as a bonus on top. Chief investment officers aren't far behind their colleagues in private banking, with a base salary of 320,000, while private-market specialists get an average 280,000 as their base salary.
The highest variable component are being paid to managing directors in investment banking (mergers and acquisitions), who receive 90 percent of their base salary of 280,000 francs on top as a bonus. The study includes findings of 2019 through the end of March 2020.
No Pressure in Private Banking
«We don't expect the pay of bankers to get under pressure as a consequence of the coronacrisis,» said Stephan Surber, senior partner at Page Executive (pictured below), in an interview with finews.com. The base salaries have been stable for years, while the variable part of pay has been linked ever more diligently to performance. But: «Banking revenue hasn't been much affected by the pandemic yet; the stock exchange has recovered quickly from the crash in march, which would signal stable fee income.» Net new money from clients however seems fairly meager at the moment.
In private banking, the bonuses will not come under any significant pressure in general, Surber said. At the executive level, long-term compensation plans will help offset any pandemic-induced short-term cuts.
Private-Market Specialists in Great Demand
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