The Swiss labor market is currently a good place for investment bankers. Contrary to the global trend, professionals are being sought even through advertisements.
The lull in investment banking seems to have been enlivened by a breath of fresh air in Switzerland. According to a calculation by Page Group, the number of advertised positions for investment bankers in Switzerland rose by 5.7 percent between March and April.
This increase is all the more remarkable since job advertisements for the financial services sector fell by 4.9 percent during the same time. What is more interesting is that a majority of these positions are not normally advertised, according to an analysis from the group published Wednesday.
Halved Revenues
Whether this trend will solidify in the coming months remains uncertain. Investment banking is suffering in the face of tighter monetary policy and several trouble spots. Last year, revenues and fees of the world's ten largest investment banks halved, finews.com reported.
Overall, the job market at Swiss banks is also proving robust. According to an overview of the job portal Indeed, nearly a thousand jobs are currently advertised at the ten largest Swiss banks. Even at UBS and Credit Suisse, whose merger is imminent, a total of 360 jobs are open, 130 of them at the latter.
To be sure, the turmoil surrounding the takeover unsettled numerous Credit Suisse employees and led to layoffs. Still, Credit Suisse has to run its day-to-day business independently until the two banks are legally and operationally merged, which is why it has to fill the roles of those departing, at least in part.
The Hammer is Yet to Fall
Over the medium term, there are most likely to be job cuts at the merged UBS and Credit Suisse, but UBS's bank management is keeping a low profile for now.
Observers believe eliminating duplication and the announced savings of six billion Swiss francs ($6 billion) in personnel costs could result in the elimination of up to 30,000 jobs worldwide, including around 10,000 in Switzerland.
The two banks together had 123,000 full-time employees at the end of the year, with 21,000 at UBS and some 16,000 at Credit Suisse in Switzerland alone.
A Candidate's Market
After UBS and Credit Suisse, Raiffeisen has the most vacancies. In an analysis conducted for the «AWP» news agency, Indeed counted 140 job advertisements at the banking cooperative. In addition, Zuercher Kantonalbank has almost 130 job ads open, including about a dozen internships.
According to Indeed, Julius Baer has over 80 advertised positions, Lombard Odier and Pictet each have around 60, and Vontobel 40, while Postfinance and Migros Bank are mainly looking for IT specialists.
So employees looking to change jobs are currently finding a healthy labor market offering prospects for suitable candidates.
