The amount of jobs offered in the Swiss banking sector is growing again. Especially in the first three months of this year, a significant increase in vacancies could be noticed.
In the end of March 2013, Swiss banks gave notifications on 1153 vacancies. Since the beginning of the year, figures have risen by 14 percent. In March 2012, 1144 vacancies had been announced.
Also insurances and other financial corporations are offering more positions. In all three sectors (banks, insurances, other financial enterprises) there are currently about 1100 positions to be filled. Such an even distribution is almost unprecedented.
This is shown in the new Finews-JobDirectory-Index, which is published quarterly with data from JobDirectory.ch.
Strongly feared job cuts in the financial sectors have thus not become true and it seems as if many enterprises have understood that further job cuts and a continuation of blocking new employments have a negative impact on the productivity of enterprises.
Sharp rise in the first three months
On the websites of altogether 1400 Swiss banks, insurances and other financial enterprises (accounting, IT, advice, etc.), there are currently 3387 positions displayed online. This means that the sector has currently 1.25 percent less vacancies compared to before the one-year period, when there were 3430 positions but it also means that in the first three months of this year, an increase by 10.1 percent could be noticed (see chart 1).
Banks have given alerts on 1153 jobs in the end of March 2013; figures for insurances and other financial enterprises were 1121 and 1113, respectively. The growth has been especially visible in between January and March 2013.
Outsourcing many IT-jobs
The amount of jobs offered at the two large banks UBS and Credit Suisse (CS) in the end of March 2013 is similar to the figures from last year. But also in this case, a clear rise has been noticeable since January 2013. Vacancies at UBS have been rising since the start of the year by 10.4 percent letting figures grow to 266 jobs. For the first time in twelve months, Credit Suisse has more vacancies than its rival. Since the beginning of 2013, the amount of jobs offered at CS has been rising by 32.6 percent to 289 vacancies (see chart 2).
It is remarkable that both of the two large banks offer almost no vacancies for IT. Outsourcing to foreign countries and using external advisors on contracts with time limits have increased. The development of own IT-applications at UBS and CS has strongly slowed down. Headhunters for top-positions, which have so far only been focusing on IT-experts are now turning to the pharmaceutics sector.
Cantonal banks slowing down
Among "other banks" (not UBS and CS), especially cantonal banks keep on slowing down. In the end of March 2013, they offered a total of 96 vacancies to be filled, which means a decrease by 32.4 percent compared to last year. This trend has been continuing this year and figures dropped by 11.1 percent. With merely 15 positions to be filled, Zürcher Kantonalbank, for example, is almost not present on the employment market anymore (see chart 3).
Reporting 152 vacancies, figures of foreign banks demonstrate a clear increase and for the first time it is them, who offer more jobs than all "other banks". Compared to last year, this means a plus of 25.6 percent and since the beginning of 2013 the number of vacancies has been equally rising. As for foreign banks, the tendency is thus clearly positive. With more than 40 positions each, HSBC and J.P. Morgan Chase are dominating.
Regional and retail banks have given alerts on 137 positions in total in the end of March 2013, while figures for private banks were 129, respectively. The development of private banks is stable – also thanks to Pictet and Julius Bär.
First quarter 2013: Out of the trough
Taking numbers from the first quarter 2013 into consideration, the development can indeed be judged as being very positive. Offers for jobs at banks have risen by 13.6 percent, at insurances by 5.9 percent and at other financial institutions by 10.9 percent.
As for insurances, Zurich, AXA Winterthur, Swiss Re and Bâloise constitute the "big four". Each of these four insurers currently has 70 to 80 positions in Switzerland to be filled.
Among "other enterprises", the growth in job vacancies mainly stems from financial advice and IT services. Offering 46 positions in the end of March 2013, VZ Vermögenszentrum constitutes the strongest force in the former one. However, there are also growing newcomers like MyMoneyPark, which offers nine vacancies.
Software-company Avaloq is now offering jobs again – after a period of time in which no new vacancies were filled. It is currently offering 19 positions. Further enterprises in need of a significant number of staff include AdCubum, Appway and SunGard. The continuing tendency from "build" to "buy" in this sector might further increase the demand for highly qualified specialists.
Finews-JobDirectory-Index
The Finews-JobDirectory Index shows the development of all open positions, which have been announced online in the finance sector of Switzerland and Liechtenstein. Data of 1400 employers are evaluated for the directory. The index is published every three months by the Swiss finance portal finews.ch drawing from data by the portal JobDirectory.ch of Fenom AG.
- Next publication: 8th of July 2013.
