The Swiss private bank of British Schroders Group is slashing its Swiss operations at a time when back-office jobs in Switzerland’s financial center are under pressure.
Schroder & Co Bank has decided to relocate many of its back-office functions to the UK, it said in a statement Wednesday. Around 100 jobs at Zurich Westpark service center will be moved to Schroders' central operating center in Horsham, UK as the financial portal «Tippinpoint» (in German) first reported.
Growth Plan
The business decision was taken to ensure the group’s global growth plans in wealth management and is part of its restructuring running till the end of 2024. A redundancy package will be in place for affected employees, the statement said.
The group first started operating in the country in 1967 and historically, Schroder & Co Bank had a relatively large back office in Switzerland. Schroders is also one of the very few foreign asset managers to employ fund managers in Switzerland.
Bad Timing
The announcement comes at a time when back-office jobs in Switzerland’s financial center are disappearing. As a result of the recent takeover of Credit Suisse by UBS almost half of the jobs at Credit Suisse are expected to be eliminated, with observers saying jobs in the back office are particularly at risk.
