Pace of job cuts in Swiss banking speeds up in the first half of 2016

Switzerland's banks dared to shed up to 1,000 jobs the previous year with the pace of staff drops speeding up during the first half of 2016, though the outlook for the rest of the year happened to be steady, as the country's banking lobby informed on Thursday.

Full-time staffing levels in Switzerland edged down 1% the previous year to 103,041, as the Swiss Bankers Association reported in its annual industry review.

The previous year, job numbers were affected by several foreign banks pulling out of Switzerland, with the number of banks in Switzerland dropping in 2015 to 266 from 275.

However, an SBA poll also found its banks had already recorded approximately 3,454 fewer employees during the first half of 2016, which is equivalent to 4.1% of the workforce, though the overall outlook for the employment trend for the rest of 2016 is steady.

A great number of Swiss private banks, which for a long time derived benefits from clients bringing money to Switzerland, are currently struggling following a clampdown by the USA as well as oher countries on tax evasion and also increasing regulatory costs.

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