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Swiss banks are continuing to cut jobs, with the number of vacancies falling for the fourth consecutive month. According to a survey conducted by the Indeed employment portal for the financial news agency AWP, the number of job ads stood at 610 in November, down 2% from October. This marks a 25% decrease in total volume since the beginning of the year.
The decline in job openings is a reflection of the ongoing restructuring and cost-cutting measures being implemented by Swiss banks. In recent years, the country’s banking sector has undergone a radical shake-up, with many institutions facing pressure to reduce costs and improve profitability.
The contraction in job vacancies is also a sign of the challenging economic environment facing the Swiss banking industry. The sector has been hit hard by low interest rates, increased competition, and the rise of digital banking. As a result, many banks are looking to streamline their operations and reduce their workforce in order to remain competitive.
However, it should be noted that not all banks are cutting jobs. Raiffeisen and UBS, the two entities with the most vacancies, actually showed an increase in job openings in November. This suggests that there are still opportunities for employment in the Swiss banking sector, particularly in areas such as wealth management and investment banking.
Overall, the decline in job vacancies is a cause for concern, as it could have a negative impact on the Swiss economy. The banking sector is a major contributor to the country’s GDP, and any significant job losses could have a ripple effect on other industries. It remains to be seen whether this trend will continue in the coming months, but it is clear that Swiss banks are facing significant challenges in the current economic climate.