Number of staff at banks in Switzerland
The banks employed 93,299 people (full-time equivalents) in Switzerland at the end of 2023, an increase of 1,280 compared with 2022. Financial sector unemployment stood at 2.3%, on a par with the economy as a whole but slightly up year-on-year.
TRENDS IN 2024
Domestic headcount stable following Credit Suisse takeover
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Trends in 2023
The number of people employed in the banking sector continues to rise, and was up 1.4% by the end of 2023, at 93,299. The unemployment rate in the financial sector was precisely in line with the Swiss average, at 2.3%.
The banks employed 93,299 people (full-time equivalents) in Switzerland in 2023, up 1,280 or 1.4% year-on-year. The number of staff in the banking sector thus increased for the fourth year in succession, surpassing the level seen in 2017, although that figure had been preceded by a gradual decline. According to the State Secretariat for Economic Affairs (SECO), unemployment in the financial sector averaged 2.3% in December 2023, matching the economy as a whole. In total, 2,752 banking sector workers were registered unemployed at the end of the year, an increase of 370 compared with 2022. The increase of 1,280 vindicates the positive forecast contained in last year’s SBA employment survey of Swiss banks. More than half of the banks polled expected headcount to remain stable, with a little over a third predicting a rise. Despite the takeover of Credit Suisse by UBS, employment in the Swiss banking sector remains robust. The increased headcount also led to a year-on-year rise of CHF 1.4 bn in personnel expenses. As regards the gender distribution, the proportion of female bank employees was stable compared with 2022 at 38.4% (35,827 FTEs). There were 563 new female and 717 new male members of staff. Looking back over the last decade, the proportion of female employees has risen slightly but remained essentially unchanged overall.
Figure 23
Domestic headcount stable following Credit Suisse takeover
Headcount at domestic banks remains stable, down just 0.1% in the first half of 2024. The decline of 1.3% in the overall figure is almost entirely due to a continuing negative trend abroad. The outlook for the remainder of the year is cautiously positive.
According to the SBA’s annual survey of headcount at banks in Switzerland, staff numbers were almost unchanged between the end of 2023 and June 2024, with a minimal decline of 0.1% or 38 FTEs. Abroad, staff numbers fell markedly over the same period, with a gain of 2,924 FTEs more than offset by 5,369 departures, leading to a net fall of 2.9%. The reduction in headcount at Swiss banks abroad seen in 2023 has thus continued.
Figure 24
Estimates for the rest of the year cautiously positive
In the SBA survey, 105 of the 211 banks surveyed offered their forecast for headcount in the remainder of 2024. Rather more than half expect it to stay unchanged, while roughly a third believe it will rise. Around one in ten think it will fall. This assessment is slightly lower than the predictions for 2023 they made a year ago. The proportion of banks expecting staff numbers to fall has risen slightly for the first time since 2019. However, the overall view is essentially optimistic from a multi-year perspective. Around 92% of respondents still expect headcount to stay the same or increase over the rest of 2024. The figure predicting a rise has only been higher on two occasions during the previous ten years. Like last year’s, this year’s survey figures on expected headcount in Switzerland must be viewed with caution, since the views of UBS following the acquisition of Credit Suisse were deliberately excluded from the results. It remains to be seen how far any job losses at the big banks can be made up by other Swiss banks over the longer term. The labour market index for the banking sector backs up the results of the SBA survey. The number of vacant positions is slightly down, as is the number of employees, while the number of registered unemployed rose slightly between the first and second quarters of 2024. As regards expectations, however, the index is still positive. Here too, banks planning to increase headcount in the next quarter remain in the majority. The proportion of banks experiencing recruitment difficulties due to a lack of qualified specialists is consistently high, at 40%.
Figure 25
Figure 26
Headcount growth or stability expected in the various business areas
In addition to the general trend, the banks were also asked about the expected employment trend in individual areas of business. Analysis of the responses reveals a generally positive assessment in retail banking, wealth management and logistics, where most banks expect staff numbers to rise or stabilise. By contrast, around 90% expect headcount to remain unchanged in institutional asset management and trading activities. Overall, these estimates point to slightly more muted expectations than in 2023, while remaining optimistic overall. Although predictions differ across the various areas of business, the banks believe headcount will be stable or positive overall.
Figure 27
Financial sector unemployment rises in first half of 2024
According to SECO, unemployment in the financial sector stood at 2.3% at the end of 2023, in line with the average for all sectors. Financial sector unemployment has risen to 2.6% in June 2024, compared with an unchanged 2.3% for the Swiss economy as a whole on the same date. The labour market index for the banking sector confirms this deviation from the broader economy. Staff remain in shorter supply in banking than in other sectors. The BESTA job statistics published by the federal government recorded 5,800 vacancies across the financial sector as a whole in the first quarter of 2024.