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Swiss banks axe jobs to stem declining profits

Local News // Sept. 2, 2016
Swiss banks axe jobs to stem declining profits

Banks in Switzerland reduced their domestic workforce by 4.1 percent in the first half of this year as companies combined and made cost cuts to stem declining profitability.

A total of almost 3,500 jobs were lost, according to the Swiss Bankers Association. The number of workers fell by 1 percent to just over 103,000 in 2015.

The SBA report said the low interest rates and strong competition have led to significant pressure on margins, which has been further compounded by increasing costs.

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