Swiss Bankers See Declining Bonuses Following 2012 DropGiles Broom
Swiss bankers expect bonuses to decline further after one in five employees didn’t receive a performance award in 2012, finews.ch reported.
Seventy-six percent of participants forecast their variable pay to decline further over the coming five years, up from 55 percent in a 2012 survey, Swiss financial portal finews.ch said in a statement on its website today, citing a poll of 505 financial-industry employees conducted with Communicators, a communications agency. It didn’t give a margin of error or a date for the survey. Forty-seven percent of respondents forecast a decline in fixed salaries by 2018.
Switzerland employs almost 200,000 people in an industry roiled by allegations wealth managers helped offshore clients dodge taxes. Hundreds of banks could be covered by an accord between the U.S. and Switzerland over how to punish firms that used secret accounts to help American clients evade the Internal Revenue Service, the U.S. said on Aug. 29. Some banks face penalties of as much as 50 percent of the value of those assets.
Swiss workers looking for a career in the financial industry will find the best opportunities in the legal and compliance departments, according to 75 percent of respondents in the survey. Fifty-one percent of respondents said working in asset management with institutional investors such as pension funds is an “attractive option.”