Characterised by a sharp focus on private banking and wealth management, Switzerland’s stable banking ecosystem is world-renowned for its adaptability (exemplified by the recent UBS takeover of Credit Suisse, a move hailed by some as the ‘deal of the century’).
The openness and international engagement that define Switzerland’s economy have left the nation well-positioned to weather regional underperformance. Despite the tumultuous first half of 2023, the financial space has proved resilient, with the value of the franc close to reaching an all-time high.
What does the broad list of incoming regulatory changes have in store for the future of the space? The persistent war for talent and rising ESG-related investment activity will likely play a prominent role.
ESG Investment
Around 53% of the Swiss funds market corresponded to ESG criteria in 2022, and despite the recent drop-off rate (attributed to a fractured regulatory space), the country is home to a growing pool of ESG-focused talent, fortifying its position as a global hub for sustainable investing.
Demand for portfolio managers, risk managers, analysts, and fund administration professionals with experience in ESG-related investments is rising as a result.
Moreover, the Swiss government recently announced its plans to introduce stricter regulatory guidelines around what can be classified as environmentally friendly investments. The proposed changes (expected to come into force in late 2024) are designed to combat greenwashing, representing a move away from the widely preferred style of self-regulation Swiss banks are used to.
These regulatory shifts are likely to create an array of exciting opportunities for those wishing to explore a future in sustainable finance.
Talent Troubles
It may have been the deal of the century, but there’s more than one side of the UBS/Credit Suisse rescue story. Following its takeover of Credit Suisse, UBS is expected to cut around 3000 jobs to work on reducing $10 billion in costs by late 2026.
That said, the Swiss labour market is facing a widespread talent shortage, particularly for tech-savvy wealth management skill sets. This could spell a great opportunity for the nation’s job seekers.
While the fallout from the Credit Suisse merger may cause concern, the overall demand for skilled financial talent remains strong, particularly in light of a growing Fintech market and increasing product complexity.
Plus, Switzerland once again topped the Global Talent Competitiveness Index for 2023, the country once again showcasing the calling power of its robust economy, high quality of life, and favourable conditions for international candidates.
Opportunities with Trinnovo Group GmbH
Our specialist recruitment consultants have delivered comprehensive recruitment solutions to many clients and candidates across Switzerland, and we’ve lent on our international, community-built network to help us do it.
We understand the complexities associated with employment mobility, and we recognise its extraordinary importance in the modern financial space. Switzerland is home to a wealth of opportunities, and we have the means to help you capitalise on them.
Whether you’re hoping to hire or get hired, contact our Swiss finance specialists today, we’re here to give you the tools to thrive in a career that suits your needs:
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