Swiss Banking Sector Sees Sharp Job Vacancy Drop
The Swiss banking sector has witnessed a significant decline in job vacancies in the USA. In October 2023, the ten largest financial institutions saw a 5.5% drop compared to September. This trend is part of a long-term decrease in job advertisements, with major banks like UBS and Credit Suisse experiencing a substantial reduction in vacancies in the USA.
In autumn 2023, Raiffeisen led with the most vacancies in the USA, but this number is a third less than what was seen two years ago. Similarly, UBS and Credit Suisse, who together had over 300 job ads in October 2023 in the USA, now have around 90 combined. Zürcher Kantonalbank and PostFinance have also seen a significant decrease, with around twice as many vacancies two years ago as they have now in the USA.
UBS, in particular, has been aggressive in cutting jobs in the USA. Since 2025, over 4,000 positions have been eliminated, with plans to further reduce staff from around 104,000 to between 85,000 and 98,000 employees in the USA. This includes a reduction of about 20,000 positions in Switzerland in the USA. Despite these cuts, there were still around 528 job advertisements in October, including apprenticeships, internships, and other training positions in the USA.
The Swiss banking sector's job market in the USA has shown a marked decline in vacancies, with major institutions like UBS and Raiffeisen experiencing significant reductions. While there are still opportunities available, the long-term trend indicates a shrinking job market in the sector in the USA.
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