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Swiss finance sector job vacancies rise: report

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Swiss finance sector job vacancies rise: report
UBS is leading the rebound in Swiss finance sector hiring. Photo: UBS
10:59 CEST+02:00
After a two-year period of retrenchment, Swiss banks, finance and insurance companies are hiring again, according to the latest quarterly job vacancy figures.

The number of positions to be filled in these sectors reached 3,590 at the end of September, the highest level since June 2011, according to an index published online by Finews.ch, a German-language financial news site.

Despite concerns over attacks on Swiss banking secrecy and the impact of the international fight against tax evasion, the volume of vacancies is up 7.6 percent from the same period a year earlier.

In the banking sector alone, the number of vacancies rose to 1,227 jobs, up 20.9 percent from January 2013, Finews reported.

Other financial companies (including accounting, IT and consulting) saw a 17.8 percent jump in vacant positions, the website reported, citing figures from the internet portal JobDirectory.ch.

Positions advertised for insurance companies increased 11.4 percent to 1,180.

Among the biggest insurers, Zurich Insurance advertised 110 vacancies in September, up 30 from three months earlier.

“Hiring freezes are history,” Finews said.

“Financial institutions need better-trained and highly professional staff to meet enormous challenges and regulatory challenges.”

So, despite spending cuts in the financial sector, new jobs are being advertised, with an emphasis more on experienced workers than entry-level positions.

Private banks, for example, need more personnel to serve their customers professionally while meeting legal requirements, Finews said.

Hiring at UBS, Switzerland’s largest bank, is at its highest level domestically in more than two years, with 345 vacancies in Switzerland, compared to 241 at the end of December 2012.

Vacancies at Credit Suisse, the country’s number two bank, grew more slowly at 228, compared to 218 at the end of last year.

Other banks are also hiring more, including private, cantonal and foreign banks, Finews said.

The "big four" financial consulting firms (Deloitte, Ernst & Young, KPMG and PwC) advertised for 280 positions in September, led by PwC, which posted 80 jobs, the report said.

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