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2023 was an extraordinary year for banks. The reversal in interest rates and the collapse of Credit Suisse (CS) have seriously shaken the financial sector. This situation was also reflected in salaries. Pay trends at various companies do not point in the same direction everywhere.
Bonus season in Swiss banks ends at the end of February. How much the bosses of leading institutions earn will only be seen in annual reports. However, the key figures reported for the exceptional year already show which bankers are in dire straits. Attention: These are average figures. This includes the salaries of the bosses, which are in the millions.
Analysis by financial portal Finews shows that, unsurprisingly, the biggest changes are at UBS. The Credit Suisse acquisition had a big impact. The number of employees increased by 40,000 full-time positions compared to last year. Wage costs per employee fell by almost 15 percent to 198,321 francs.
CS, then still independent, was worth 196,000 francs per employee in 2022.
Bank Vontobel’s 2,300 employees needed the biggest wallet. They earned an average of 301,099 francs. This situation is likely to change in the future. The bank wants to reposition itself and cut costs by $100 million. The savings will also affect staff.
The wage bill rose the most at private banking group EFG International. The average wage increased by five percent. The reasons for this were immediately found: the private institute managed to increase its profits by 50 percent. It can be predicted that employees will benefit from higher wages.
Although fees vary across different financial institutions, there appears to be little difference when looking at segments. Fees are the lowest in retail banking. They then expand further through private banking, asset management and investment banking. At least there is one thing that remains constant in the exceptional year 2023. (wgr)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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