The Swiss Times - Swiss News in English

Most Bank Employees See Image Damage from CS Debacle

Three out of four bank employees in Switzerland believe that the turmoil surrounding Credit Suisse and its takeover by UBS has damaged the reputation of banking professions. One in four also believes that the image of the profession has been damaged in the long term. Two thirds of those surveyed also believe that the Swiss financial center will lose credibility with the disappearance of Credit Suisse. According to the survey, the prospects for those entering or changing jobs in the industry are no longer as rosy as they were a few years ago. Now, only 4 percent of respondents rate the job prospects in the financial sector as "very good" and just over a third as "good". Bonuses make up a substantial part of the annual income of bankers: 38 percent of those surveyed said that their bonus was 10 to 25 percent of their annual salary, and more than one in five even 25 to 50 percent. However, according to the survey, one in five had to do without a bonus last year. 1139 bank employees took part in the survey. The survey results show that the reputation of banking professions has been damaged due to the turmoil surrounding Credit Suisse and its takeover by UBS. Job prospects in the financial sector are no longer as rosy as they were a few years ago, with only 4 percent of respondents rating them as "very good" and just over a third as "good". Bonuses make up a substantial part of the annual income of bankers, but one in five had to do without a bonus last year.

©Keystone/SDA

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