Swiss banks and insurers are still looking for skilled workers. In the insurance sector, the ratio of advertised vacancies to the number of people looking for work here is tighter than in the overall labor market.

Job vacancies in the Swiss financial sector remain high, even increasing in the third quarter despite various challenges in the financial markets. According to an analysis by Jobradar and Investtrends.ch, there were 5,700 jobs advertised in the financial services sector in the third quarter of 2022, according to a «Cash» (in German) report Tuesday. That was about 350 more than in the first quarter, it said.

Insurance companies are seeking 2,423 new employees, roughly 300 more than in the first three months of the year. 

In the banking sector, there were 2,473 jobseekers to fill vacancies, while in the insurance sector there were 637, meaning the unemployment rate in the banking sector, at 2.1 percent, is exactly the same as in the overall Swiss labor market. The shortage of skilled workers in the insurance sector is more severe, with a rate of only 1.4 percent.

Banks are Hiring

According to the Jobradar analysis, Credit Suisse had 821 jobs advertised in the third quarter, compared with 789 in the first, while competitor UBS had 580 jobs to fill compared with 355 in the same period. Raiffeisen Group was looking for 201 new employees (Q1 202), LGT Bank 117 (99), and Zuercher Kantonalbank 114 (95).

Investment Banking

By occupational group, a total of 5,519 finance jobs had been advertised, almost 300 more than in the first quarter. In addition, 1,329 (1,309) open banking jobs were counted, 777 (762) in private banking and 1,041 (1,014) insurance openings. Investment banking jobs were less in demand (201 versus 242).

According to the report, the most active insurer in the Swiss labor market is currently Axa, which offered 199 (202) jobs, followed by Helvetia (198 versus 148). Zurich Insurance had 180 (161) vacancies, Basler 131 (109), Mobiliar 117, and Swiss Life 100. The Wealth Center (VZ) also stood out in the Swiss job market (96 vs 106).