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Swiss resiliency ?

Posted on 27 December 2012 by Klebnikov

Signs indicate that previous Swiss resiliency to European troubles is now wearing off.

On the one hand, Swiss residents are caught between the hammer and anvil of dropping salaries (and higher unemployment) from cheaper labor entering Switzerland from neighboring EU countries and rising cost of living, principally from enormous inflation in housing costs, health insurance premiums, and transport costs. The result has been a steep decline in the standard of living of Swiss residents since the introduction of the bilateral agreements ushering in labor mobility and removal of border controls.

And the latter has also engendered substantial costs for middle and lower class residents, who bear the major impact of the steep increase in criminality.

The construction industry, which was doing well through most of 2012 has now slowed as banks are toughening their criteria for new real-estate loans. The Swiss National Bank’s maintenance of artificially low rates, combined with aggressive creation of new money (mainly to buy up euros and dollars to manipulate the Swiss Franc exchange rate) has fueled a real-estate asset bubble as investors seek to shelter liquid assets from the inflation caused by monetary policies.

Statistics from Q3 and Q4 of 2012 show continued increases in unemployment – where the term is defined as those unable to find employment – throughout the major urban areas.

The largest contraction in 2012 has been the financial and banking sector, hard hit by multiple assaults on banking secrecy and scandal. The sector continues to downsize and adapt to a new emerging paradigm.

The sector that continues to outperform in Switzerland is the luxury industry, with expensive watches and jewelry defying any possible strengthening of the Swiss Franc. The luxury sector added jobs during 2012 and is expected to continue to grow in 2013, a result of growing markets in Asia and emerging economies.

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Tags: bank jobs switzerland, cointrin office building, finance jobs geneva, financial careers hsbc, hsbc, jobs at HSBC, jobs in geneva, jobs in switzerland, l'oreal, polo ralph lauren, procter & Gamble, spg intercity

HSBC to move into new office complex at Geneva airport

Posted on 14 March 2009 by Mr Bureau

In Geneva, HSBC will be moving over 1000 of its employees to a new business center in Blandonnet near the Geneva Cointrin Airport, a new office complex which is expected to become an important concentration of jobs in the canton of Geneva.

Already several top brand name companies have set up offices there, among them Ralph Lauren, IBM, L’Oréal, and the TCS. HSBC will begin the big move next year. HSBC will thus be regrouping a total of 1300 jobs in the new complex. HSBC employs more than 2000 staff in Switzerland, of which approximately 1550 are located in Geneva.

One of the directors of HSBC Switzerland, Claude Brodard, remarked that every year, HSBC Switzerland has added between 150 and 200 new professional jobs. In 2008, which was a bad year for most, HSBC Switzerland grew by 17% over 2007.

HSBC Bank Switzerland to move in 2010Currently HSBC is spread out over 12 different sites in Geneva: there are 530 employees in the offices on rue de Lausanne, 210 more in the HSBC building on rue Montbrillant, 160 additional employees in the stately offices on quai General Guisan which look out over the lake, another 160 jobs are in the rue des Noirettes complex which also houses UBS, still another 140 jobs are located in the premises on quai Wilson on the Eaux Vives side of the lake, 130 workers are in other ‘main offices’ at rue Alfred Vincent, and finally another 300 employees are dispersed over offices at rue de la Synagogue, place Longemalle, quai Mont Blanc, rue du Rhone, and rue de la Navigation.

Pictet Bank had a similar problem years ago, which it solved by building a huge office complex in Acacias. Mirabaud also consolidated, regrouping all its jobs in one premises one Plainpalais.

Evidently, HSBC’s decision to move over a 1000 jobs to the new Blandonnet center near the airport has overjoyed the developers RI Realim, who had considerable difficulties filling it. The 30,000 square meter center is now headquarters for companies like Gillete, Procter & Gamble, Verisign, Bacardi, and some NGO’s.

The third building of the center – the one in which HSBC will move – has not yet been completed. Already 75% rented by its agent SPG Intercity, the new building housing HSBC will also be home to L’Oréal, which is regrouping 200 jobs there. Transocean – the American oil drilling firm—will be settling its career professional in the same building.

The new office center will house a total of 4500 workers, meaning Blandonnet will extend over more than 85,000 square meters. The center is putatively equipped with high tech cabling infrastructure, as well as modern central heating and ventilation, which means windows that don’t open.

Apparently HSBC HQ in London carefully studied the proposal, worried over the proximity of the huge oil storage drums nearby, one of which exploded in 2005, but they concluded that there was no danger. Beginning in mid 2010, HSBC’s staff will move to the new premises, which can accommodate up to 1270 employees. The Bank is said to have paid between CHF 500-600 the square meter for the new office space, which means a yearly rental price of roughly CHF 10 million, a lot of money for offices with windows you can’t open. The Bank expects to economize at least 10% in comparison with current costs attendant on 12 dispersed office locations.

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Tags: Add new tag, Economy, Geneva, jobs, remuneration, Salaries, switzerland, work

Geneva has disproportionate numbers of jobs in Switzerland

Posted on 14 October 2008 by ThomasP

The canton of Geneva occupies 0.6% of the surface area of Switzerland but employs roughly 8% of the salaried Work force in Switzerland and is responsible for a gross product of roughly $ 35 billion, roughly 8% of the Swiss GDP.

As to jobs, Geneva has practically a world record with approximately 2 jobs for three inhabitants (For a total population of about 450,000 there are 297,000 Jobs in Geneva). There are also roughly 75,000 cross border workers who work in Switzerland but live in neighboring France or Germany or Italy.

According to the Geneva Cantonal Bank’s statistics, the average salary in Geneva has continued to rise. During the 90’s, Geneva salaries were less than those in Zurich. However salaries in Geneva have now outstripped salaries in Zurich, with the average salary in Geneva now roughly CHF 6350, approximately 15% higher than the Swiss average, and about CHF 100 higher than Zurich’s average. The high average salaries for jobs in Geneva is largely explainable by the Jobs in Geneva Switzerland

high proportion of jobs in private banks, jobs in trading companies, and jobs in the financial services industries, all of which pull the salary statistics higher. Roughly 10% of workers in Geneva have salaries higher than CHF 12,400 per month.

Geneva is also the canton with the most glaring discrepancies between high salaries and low salaries.

In Geneva 85% of the small and medium size companies employ fewer than 10 persons. But over a third of the corporate landscape in Geneva (measured by number of jobs) is large multinational companies. Among the large employers of Geneva are the banks – UBS, Credit Suisse, BNP Paribas, HSBC, Pictet, Lombard Odier Darier Hentsch, Deutsche Bank,… – and then there are the luxury brands, and other multinationals, such as Rolex (4000 jobs), Proctor and Gamble (2500 jobs), Firmenich (1600 jobs), The Richemont Group (1400 jobs), Patek Philippe (1200 jobs), Merck Serono (1000 jobs), Givaudan (800 jobs), Chopard (700 jobs), Japan Tobacco (600 jobs), Franck Muller(600 jobs) and Du Pont(600 jobs).

The luxury watch industry alone brings in over $1 billion in annual revue to the canton of Geneva.

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Work in Geneva in the Financial Sector – Job Offers

Posted on 13 March 2008 by info

Finding work in Switzerland in the financial sector continues to be largely a question of choosing from among numerous offers in banking, finance, and insurance. The Swiss financial and banking sectors, as well as the insurance sector, continue to register record demand for top talent and qualified professionals.

Currently, CREDIT AGRICOLE is seeking to recruit a senior specialist in Raw Materials Financial Transaction to work in Geneva in support of their specialized clientele for energy trading, manage a small team, and build a portfolio of clients. The candidate should have a university degree and around 10 years of experience in international trading acquired in specialized institutions; an excellent knowledge of French is required, as is English and Russian. Interested persons should send their applications or inquiries to Direction des Ressources Humaines, / JP, CREDIT AGRICOLE (SUISSE) S.A., Case Postale 5260, 1211 Geneva 11, Switzerland. More information about the position is on their website at http://ca-suisse.com.

Credit Agricole in Geneva

The proportion of work in Switzerland that is in the financial sector remains currently very high. LODH Lombard Odier Darier Hentsch & Cie is seeking to recruit a Specialist in Equity and Coupon Operations to work in Geneva in its department of Banking Operations. The new team member will treat equity and dividend payment operations, interest payments and reimbursements relating to the LODH group.

The professional who is engaged for this role will follow the reconciliation of transactions with LODH’s depositors and counterparty lenders. The person will also establish reportings in relation with the European taxation and will maintain contact with the Bank’s managers and traders. The person sought will have a business background (Ecole de Commerce, or CFC) and 3 – 5 years of banking experience in the domain of coupon payment; knowledge of European and American financial environments; mastery of French, English, and German is a plus. Interested candidates can apply through the website at http:// lodh.com/carrieres.

HSBC Private Bank is seeking to recruit a Premises Manager to work in Geneva and create and maintain a property strategy; acquire new surplus property on the best terms; minimize the ongoing cost of occupying property by negotiating rental commitments; ensuring the building fabric maintains asset value and a quality internal environment; ensure property revenue and capital budgets are controlled; contribute to global property issues affecting the Bank’s worldwide portfolio; and manage the regional/country portfolio in compliance with standards. The role requires someone who is a qualified general practice surveyor of minimum RICS standard with at least 5 years PQE or 10 years experience PQE for large businesses; experience with a broad range of property expertise; demonstrated strategic thinking; proven leadership with ability to motivate personnel and externals; good financial acumen; strong interpersonal skills. Interested candidates can apply to HSBC Private Bank, Quai Wilson 37, P.O. Box 3580, 1211 Geneva 3, Switzerland. The email is recruitment@hsbcpb.com.

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Jobs in Geneva Financial Sector – Working in Switzerland

Posted on 15 December 2007 by info

Recent remarks from the Swiss Banking Association point to another highly profitable year for the banking sector, with the notable exception of UBS, which was clobbered by the American subprime crisis and will actually post a loss for 2007. Overall, the Swiss banking sector continues to recruit heavily and is continuing to pressure the Swiss job market, pulling in the most qualified professionals in finance, I.T., analysis, and management. The month of December showed continuing demand across a range of skillsets.

A small selection of job offers in the local press is excerpted below.

LODH Lombard Odier Darier Hentsch & Cie is seeking to recruit a Specialist in Trust Accounting for its Global Custody department. The new team member will take responsibility for individual and consolidated financial statements and act as daily interlocutor for clients and bank services revolving around trusts. The role will participate in the operational management of clients of Global Custody.

Jobs in Geneva Financial Sector

The profile sought is a graduate of a Sales/Marketing curriculum –and Ecole de Commerce or CFC or equivalent—and at least 3 years experience in the domain of Trusts Accounting. A solid understanding of banking operations would be a plus. Mastery of English and French (written and oral) is required. The occupant of this Geneva-based job will also be expected to be domiciled in Switzerland. This sales / marketing job is appropriate for someone autonomous, flexible, service-oriented, and quick to adapt, with a strong sense of organization and ability to work under stress. Interested candidates should via the LODH website http://www.lombardodierdarierhentsch.com/en/Careers/Careers.html

BANQUE PIGUET & Cie, is seeking for Geneva recruitment a Relationship Manager for the service des Gérants Indépendants to
Execute, transmit and confirm orders received from independent portfolio managers working with the Bank. The role will also do administrative follow-up, and daily support for the portfolios of clients and financial markets.

Careers in Switzerland

The profile sought is an individual with solid banking knowledge of back-office (cash and stocks), experience in a similar role or with a group of independent portfolio managers, good familiarity with Word, Excel and Powerpoint, and spoken and written French and English. Spanish would be a big a plus. An ability to work well in a team and a rigorousm organized character are important to this role.

The Bank is also seeking to recruit an Advisor for Institutional Clientele responsible for the development of new relationships, supporting the follow up of existing institutional clientele and maintaining regular contact with the administrative councils of the various companies and institutions who are clients of the Bank. The role will also promote the sale of the Bank’s investment funds.

The profile sought is a service-oriented professional with experience in customer service in the domain of institutional funds management, Financial Jobs in Switzerlanda taste for interpersonal contacts and social grace, a strong orientation toward marketing, excellent taste in dress, and solid familiarity with financial markets. Mastery of French and English is required, as is familiarity with MSOffice software.

Interested candidates for either position are invited to send their dossiers to: Ressources Humaines – réf; GI/INST, Banque Piquet & Cie, Place de l’Université 5, 1211 Geneva 3 Switzerland.

ACM Advanced Currency Markets is seeking to recruit an Experienced Forex Trader for recruitment in Geneva. ACM is the largest online Forex Broker in Europe and has a young, dynamic work environment. This Geneva job is for someone roughly in an age range of 20-30 and with at least 2 years of experience in Forex trading in a bank or financial institution. English mother tongue is a must, as our outstanding presentation and communication skills, a strong interest in the trading industry and ability to handle pressure. A perfect understanding of internet technologies is required.

ACM is also seeking a Compliance Officer for its Legal and Compliance department. The role will be responsible for the opening, follow-up, and management of accounts. The profile sought will be based in Geneva, Switzerland and be a specialist in procedures and regulations in the financial/banking sector, if possible with a jurist degree and banking experience, as well as familiarity with monitoring tools. The rough age range of the candidate they are seeking is 25-35 and a mastery of French and English is required for this job.

Interested candidates may apply by email to rjd@ic-markets.com or by mail to ACM Advanced Currency Markets, 50, rue du Rhone, CH 1204 Geneva, Switzerland.

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Profits Rising in Geneva Financial Sector – More Swiss Jobs

Posted on 29 October 2007 by ThomasP

A recent survey of the principal actors in Geneva’s secretive banking sector has divulged a 15% rise in profits over previous projections concerning work in Switzerland in the banking sector.

The growth shown year-to-date in the banking sector in Geneva has surprised all observers, despite already rosy projections in the beginning of 2007.

Yesterday Ivan Pictet, president of the Fondation Genève Place Fincancière delivered the results, announcing a general profitability 15% higher than that previously expected, following the analysis of results from the first half of 2007 which show extraordinary growth. On the other hand, projections for 2008 environment of work in Switzerland remain prudent and reserved because of the strong cyclic behaviors of Geneva’s banking business, strongly linked to portfolio management and trade finance in raw materials.

The summer credit crisis doubtless threw some cold water on the expectations for the rest of the year, noted Mr. Pictet, but Geneva

nonetheless will experience growth more than double that of the rest of Switzerland.

In the detailed report, there were also other interesting data. Estate management will also close with a very profitable year, after experiencing 15% growth in 2006.

The net influx of funds is expected to progress 3%- 4% to the first semester of 2008. The new cash inflows are coming mainly from EU countries, a substantial portion from eastern Europe and some also from Russia and its neighboring states.

Another notable phenomenon is the potentially very financially interesting rise of investment banking activity in Geneva. The increase in investment banking stands in stark contrast to the flat activity (no increase whatsoever) of trade finance activity, despite the key importance of work in Geneva in raw materials trade, which trades over $1 trillion and is the most important financial center for trade in raw materials, ahead of London.

Geneva’s part of total world oil trade is roughly 33%. Geneva’s part of world grain trade is 30%, and that of chartered transport and shipping for raw materials 22%. 360 companies operate in Geneva within the Geneva Trading and Shipping Association with a volume of transactions over $500 billion.

The survey also noted a rise in salaries of more than 10%, representing 75% – 80% of the global costs of the banking industry. The rise was due in part to the increase in hiring for work in Switzerland (5%) as well as to bonuses paid in early 2007 based on profits in 2006.

The banking sector in Geneva is responsible for over $400 million in yearly tax receipts for the canton. The banks alone are responsible for 5000 – 10,000 jobs in the Geneva area.

The survey was conducted among 133 financial establishments in the Geneva area, of which 54 banks. Geneva has 141 banks, 634 independent portfolio managers, and 3000 intermediaries of various sorts. There is considerable work in Geneva for english-speaking professionals. The canton of Geneva has also 661 insurance companies, 1098 fiduciaries, and 350 law offices and notaries. Across the entire financial sector in Geneva there are roughly 35,000 jobs.

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Job Offers in Geneva

Posted on 02 October 2007 by info

The Swiss banking sector remains strong and bullish on the economy despite considerable exposure to losses in the American subprime lending markets. The month of September showed strong demand for professionals in the financial and banking sectors across a range of skillsets.

A small selection of job offers in the local press is excerpted below.

DEUTSCHE BANK is seeking to recruit a Payroll Specialist for its Human Resources department in Geneva. Deutsche bank seeks an experienced Payroll Specialist (M/F) to strengthen its HR team in Geneva. The new team member will be responsible for all payroll procedures for the Bank and its Swiss affiliates with around 1000 employees. The job entails everything from data input to payroll runs, bank transfers, alignment with HR guidelines, internal and external reports, and project work.
The profile Deutsche Bank is seeking will have 3-5 years experience as a payroll specialist and a degree in Finance or HR, ideally combined with a good knowledge of of social insurance (AVS, LPP, AI, etc.), and a service oriented personality, as well as strong I.T. skills (like Office, Peoplesoft, SAP, Applic8, etc.) and fluency in both French and English (German is a plus). Interested candidates should apply to Deutsche Bank (Suisse) SA, HR Operations, Alain Calame, 3, place des Bergues, Case Postale 1416, CH-1211 Geneva 1, Switzerland, or by email to alain.calame@db.com

MIGNON, a hedge funds company based in Geneva, is seeking to recruit a Credit Trader / Portfolio Manager to manage hedge funds assets including both investment grade and high yield debt derivatives. The position is based on the trading desk, and responsibilities include design and implementation of quantitative trading tools and generation and implementation of trade ideas.
Candidates for this job must have a graduate degree with a specific focus on credit markets and structured credit products; an industry experience with tranched credit products, and knowledge of correlation and volatility models; a strong quantitative background and exposure to financial mathematics; strong programming skills with the ability to take capital market scenarios and build quantitative tools to manage the portfolios and run stress tests; ability to code in VBA and C++ is required; experience with credit spread modeling is a plus. Interested candidates should apply via email to Romain Buob at hr@migen.ch

HSBC is seeking to recruit Tax Specialist Operations for their Geneva-based Network Management Department. The Specialist that HSBC is seeking to recruit will be responsible for monitoring ESD tax accounting, tracking of issues and coordination between operations, as well as documentation and tax. The role will also follow-up on regulations changes and treaty modifications related to withholding and capital gains tax in various markets. Also monitoring of US QI tax matters and Italian capital gains accounting and coordination. The profile HSBC is looking for will have a University degree in finance/economics, private banking experience in an Operations department, have an interest in taxes and legal aspects, knowledge of different fiscal regimes (US-QI, ESD, Swiss stamp duties, etc.), excellent analytical and organizational skills, fluency in French and English, strong communication skills in these essential languages as well as hopefully another language. Interested candidates are invited to apply by email to : recruitment@hsbcpb.com or by mail to HSBC Private Bank (Suisse) SA, 1211 Geneva 3, Switzerland.

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Jobs in Swiss Banks – Careers in Banking and Financial Services

Posted on 25 September 2007 by info

The Swiss Banks and foreign banking institutions operating in Switzerland continue to be enormous consumers of professional talent, drawing in managerial and professional profiles from neighboring France and Germany, as well as from the UK, North America, and around the world.

Demand is particularly strong for financial experts, legal expertise, and managers of all kinds.

This week we note a few offers across the banking and financial services sectors.

PICTET & Cie, a prestigious Geneva private bank with offices around the world, is seeking for its Global Custody and Investor Services division in Geneva a Product Manager to define and develop the distribution and commercialization of its investment solutions.

The role will be responsible for evaluation of client requirements, preparation of business cases and redaction of the task lists; planning, coordination and management of the projects undertaken and delivery of project progress reports; development of the communication strategy and internal communication channels; and assistance to internal and external clients.

The profile sought is someone with a university masters degree in economic sciences, finance, or the equivalent, and 3-5 years experience in product management or project management in a financial services environment (private banking, asset management, or global custody); a solid mastery of I.T. applications and tools; mother tongue French or English and excellent command of the other language.

Pictet & Cie normally requires it staff to be resident in Geneva. Interested applicants should send their dossiers to Ressources Humaines (ref : PM/MK/JB), Pictet & Cie, Route des Acacias 60, 1211 Geneva 73.
Pictet encourages applicants to apply through their website at www.pictet.com/jobs.

Meanwhile, elsewhere in Geneva, CITI PRIVATE BANK is currently seeking to recruit a Legal Counsel for its European Legal Department, which also has activities in Zurich, London, and Madrid. The role, which is based in Geneva, carries the responsibility of providing quality advice and support to the marketing groups, product managers, and support functions in matters of account documentation (KYC and YML matters), banking and investment products, and credit (margin credit, guarantees, LCs and complex lending transactions). In addition, the legal counsel to be recruited will serve as back-up for the other attorneys on the Swiss Team.

The candidate sought for this position should have strong interpersonal skills and excellent oral and written communication skills in English and French (German is considered a plus). The candidate must be a qualified attorney with relevant degrees and bar examination and have at least 2 years practical experience in the legal department of a Swiss bank. The candidate will be client oriented and able to work autonomously as well as being an effective team member.

Interested applicants are invited to send their dossiers to Mrs. Dina Rendeiro, Human Resources, CITIBANK (Switzerland), Quai Général-Guisan 16, 1203 Geneva 11, Switzerland or by email to dina.rendeiro@citigroup.com

In Lausanne, UBS is currently seeking to recruit a Wealth Planner for its Products and Services Department. UBS is looking for someone with several years of experience in the domain of financial advice and fiscal expertise. An experience acquired in the area of domiciliation as well as in the establishment and presentation of wealth planning would be a plus.

Mastery of French and solid knowledge of English are required for the job.

Interested candidates are invited to applythrough the website at www.ubs.com/careers (search for reference 28316) or inquire to M. –N. Oost, Recruitment Services, UBS SA, Tel: +41 21 215 31 75

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