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Switzerland Sees Slow Job Growth Ahead

Posted on 02 November 2008 by ThomasP

According to diverse institutes and Swiss research centers, Switzerland will enter recession in 2009. The Créa – a macroeconomic institute based in Lausanne — is predicting growth of –0.6% for 2009. The Créa analyzed the deceleration of the economies in the USS and continental Europe and concluded that if emerging economies have so far avoided the consequences of the global financial crisis, they will not continue to do so for long.

Their opinions are not unanimously shared. The BAK and the KOF are predicting anemic growth of .7% and .3% respectively. The Seco – the federal government’s organism – has predicted growth of ‘less than 1%’. Credit Suisse analysts are predicting growth of roughly 1%, and UBS analysts say that growth in Switzerland in 2009 will be roughly 0.2%. (Whatever growth there may be, all commentators agree that is unlikely that UBS will contribute anything to it.)

The Swiss economy will take a big hit in 2009, say analysts, due to strong drops in exports, as well as to the inexorable rise of the Swiss franc, as flight from less fiscally reliable currencies creates a run up in the national currency. The decline in exports and the ensuing decline in company order Seco Building Switzerland

books is likely to result in more unemployment and less consumer spending, meaning that jobs in Switzerland may be fewer and work may be less well paid.

Pundits say that the economy will not return to health until 2010, when growth is expected to rise above 0.5% and job growth should recur (the BAK predicts 1.7% growth for 2010). The optimism for 2010 is partly attributed to the Swiss Federal Government’s generous gift of more than $60 billion of public money to UBS, to stave off their bankruptcy and prop up their ledgers, in return for which the public will have a claim on just under 10% of the Bank’s stock should they return to health.
Economists and commentators are deducing that if the Federal Government is willing to hand over in cash about 20% of the entire market capitalization of UBS in return for 10% of the stock, this must mean that Swiss government is willing to spend prodigally to get the country out of the crisis.

The other signs that are encouraging analysts is the real estate market, which has so far been largely spared of a large speculative bubble, and Swiss industry.
The same analysts now conclude that the financial sector, which previously provided a large percentage of work in Switzerland, will decline to roughly 2% of Swiss jobs by the end of next year. For the Lausanne – Geneva axis, the BAK predicts a growth of 1.9% this year and 0.7% in 2009. According to the same analysts, jobs in the luxury watch industry will continue to grow due to new demand from emerging economies, though the growth will be less dramatic than the double digit growth experienced over the preceding years.

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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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New Masters Program in Trading Started — Financial Jobs in Switzerland

Posted on 21 September 2008 by ThomasP

Switzerland – particularly Geneva and Zug – remains a center of trading activity in both raw materials and finished goods, providing a large number of jobs to professionals involved with dealing, brokerage and trading..

In order to satisfy the incessant demand for experienced traders needed by local companies, the University of Geneva has created a
Masters Program in Trading, which starts this October. The Masters in Trading concentrates on trade finance, international trade, and commodities and raw materials trading. The University will be offering as well three other masters programs oriented to other business needs among employers in Switzerland.

The Economics faculty of the University of Geneva explains that Geneva is essentially a trading city. There are over 150 companies
And 6000 professionals working in the domain of trading. The strong concentration of companies involved with trading activities contrasts remarkably with the lack of local opportunities for professional training

in the key disciplines that are central to these companies’ employment requirements.

According the University of Geneva faculty, only Paris, London and the East coast American universities offer this type of curriculum.

The Masters program beginning in October will begin with 16 students (chosen from roughly 50) and will last 3 semesters and alternate between coursework and practical work experience in local trading companies. The student will spend 50% – 70% of his time interning in job in a company and about 40% – 50% in coursework at the University.

The students in the program are all paid for their internships time, thanks to the help of Geneva Trading and Shipping Association.

There is no prerequisite requirement to have experience in the trading field or to have a bachelors degree in economics to enroll: students coming right out of the Arts and Letters faculty are admitted as well.

Across Switzerland there are hundreds of large companies working with financial underwriting or with trading. Jobs in Switzerland in the banking, finance and trading sectors are numerous and professionals with these skills are in high demand.

The University is also simultaneously launching other experimental degree programs, such as the interdisciplinary ‘Life’ Law Studies Program, which will focus on such legal issues as organ donor ship, genetic analyses, medically assisted procreation, and stem cell research. The training will start with intellectual property issues surrounding living organisms, and genetically modified organisms, the contracts for technology transfer of technology. This Masters program, is designed to lead to employment in the fields of health or intellectual property. The Geneva and lake Geneva region is home to quite a few important biotech companies and pharmaceutical companies.

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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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Switzerland seeks qualified Engineers, Technicians, and Financial Services Experts

Posted on 07 November 2007 by ThomasP

The number of job vacancies in Switzerland is well into the thousands – even with recruitment across the EU countries, finding qualified experts for the professional job vacancies has become problematic.

Not a week goes by without an alarming publication or article from some organization representing a particular sector of the Swiss economy.

A few days ago it was the turn of the mechanical engineering association to decry the severe lack of mechanical engineers on the Swiss and EU markets, creating a bottleneck in the Swiss labor market and braking growth in the high tech sector.

Every year, more than 1200 employees leave the industries’ companies and only 700 apprentices enter the field for training. In face of the severe lack of mechanical engineers, which underpin a variety of key, very profitable Swiss industries (like the luxury watch industry) the sector’s organizations started sounding the alarm a while back.

The situation is even more incomprehensible in view of the fact the sector is doing extremely well – the lack of ‘interest’ among students for this field baffles the sector’s analysts, reports the secretary general of the Groupement Suisse de l’Industrie Méchanique (GIM).

According to a recent survey by the GIM for the microtechnical and precision instruments branch, four out of ten companies have directors or upper level executives over 60 years old, which shows, according to the GIM, that a large number of mid-sized companies are doomed to disappear unless they find buyers within the next 10 years.

Informed estimates place the labor shortage in the mechanical engineering sector at roughly 10,000 persons.

Specifically, in the Watch Industry, the frenetic search for qualified professionals for jobs in the luxury watch brands has already depleted the neighboring European labor pool.

According to the Convention Patronale de L’industrie Horlogère

(CPIH), the job market is extremely tight. It’s reached a point that the CPIH has formed an alliance with Adecco to train 2200 young watch makers between now and 2010. The Swiss recruitment leader Adecco is prospecting among the Swiss Hautes Ecoles to find potential candidates who want to learn the trade.

The labor shortage goes well beyond highly qualified I.T. specialists, financial experts, scientists, or watch makers: according to Manpower, there is a terrible shortage of artisans, and construction workers, masons, carpenters, plumbers and electricians – to such a point that it is now difficult to find staff even extending one’s search across the EU.

The banking and financial sector are particularly badly hit by the shortage of qualified employees. The director of Genève Place Financière said that the Geneva banks created more than 2000 new jobs last year and nearly half of them went to foreigners. Financiers, economists, bankers…. The private banks as well as commercial banks, financial services organizations, trading companies, and others need more qualified staff to meet the demands of continued growth in their companies.

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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 Board – Banking and Financial Services

Posted on 05 September 2007 by info

Looking for work in Switzerland — the banking and financial or in the financial services sector is one of the hottest sectors. The banking and financial services sectors employ between 5 -10% of the population.

The banking and financial services sectors continue to grow, creating new job openings and opportunities and greater demand for qualified labor in Switzerland.
Some of the specialized sectors creating new job opportunities within the financial services domain are trading, funds management, analysis, and specialized council.

A selection of some of the current open positions in the banking and financial services sectors appearing in today’s press:

SENIOR FORWARDERS are being sought by CARGILL for their Geneva regional offices to coordinate the execution of sales and purchase contracts and coordinate with other Cargill global counterparties.

Cargill’s WTU World Trading Unit is the world leader of trading in grains and oilseeds. The WTU is one of Cargill’s premier business units consisting of 500 people, headquartered in Geneva and with offices around the globe. The forwarding department handles the execution of all grain and vegetable purchase and sales contracts, from origin to final destination.
The Senior Forwarder that Cargill seeks to recruit will handle letters of credit, coordinate vessel document communications, take responsibility for vessel nominations and their follow-up from loading to discharge, negotiate rates and appoint service providers, maintain contact with banks, supervisory and fumigation companies, insurance companies, chambers of commerce, labs, silo and truck companies, and buyers and sellers, monitor purchase payments, coordinate legalization of documents with consulates, ensure execution of contracts, cargo deliveries, work with the marketing team to improve the customer experience with Cargill, conduct the daily reconciliations into Cargill systems, work with traders, accountants, legal and

insurance departments, and put in place collateral management agreements. The candidate sought for this employment position is a professional with at least 5 years in commodity forwarding or logistics/transportation or import/export, a solid understanding of legal contractual risks in FOB and CFR (CIF terms, passage title, payment risk, etc.) knowledge of US trade sanctions, understanding of security mechanisms, e.g. bank guarantees, silent confirmations, etc., excellent communication skills, PC skills (Windows environment and Lotus), ability to travel, and strong problem solving skills. Interested candidates and apply online at the Cargill website, at www.cargill.com/careers.

CAPITAL INTERNATIONAL seeks to recruit a RESEARCH ASSOCIATE for its Geneva offices. The Capital Group is a privately held global investment company managing US $ 1.5 trillion in institutional assets. The research Associate that Capital International seeks to recruit will provide support resource to 3 investment analaysts on researching industries and companies, helping the research process and monitoring companies in which Capital has invested. The professional to be recruited for this employment position will focus on building financial models on multinational European based companies, mainly researching medical technology, chemicals, and insurance industries, also priovding support in researching Food, Household and Personal Care industries.

The key responsibilities of the person to be recruited for this job opening are collecting, organizing, and analyzing economic, industry and company data and trends, creating computer spreadsheet / Financial models, preparing internal presentations and proposals, attending local company presentations, helping the analysts learn how the industries and companies work and compete in their markets, and participating in various investment projects. The candidate to recruited for this job opening must have a Bachelor or Master in be in the process of graduating (degree in Business, Accounting or Economics), have a proven interest in corporate finance, incvestment research, accounting or related activities, have strong analytical skills and attention to detail, be able to multi-taask, and have strong Excel skills. Fluent English is a must as well and French and German a strong plus. Interested candidates can apply online through the Capital International website at www.capgroup.com referring to reference 8787BR. Capital only wants to receive application through their website.

PICTET & Cie is seeking a TAX SPECIALIST or BANKING OPERATIONS for their Geneva Headquarters. The professional to be recruited will advise diverse departments at the Bank concerning the tax implications of the different bank operations, such as tax law/regulations concerning savings, the tax implications of ‘qualified intermediary,’ recuperating withholding taxes, regulations concerning double taxation, stamp taxes, securities lending, and taxation at foreign offices. The professional to be recruited for this job opening must have a university degree in lay or economic sciences, a federal diploma in tax expertise, work experience in the domain, a solid understanding of the banking environment, mastery of I.T. tools (Excel, Word, etc.), and fluent English and French. (German is a plus). PICTET normally requires its employees to be domiciled in Geneva. Candidates interested in applying for this job opening should send their dossiers to Pictet & Cie, Gestion des Ressources Humaines, Reference FISC-OB/FR/PL, Route des Acacias 60, 1211 Geneva 73.

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