Swiss Banks Cut 4.1% of Local Jobs in First Half as Profit Falls

  • Regulatory, compliance costs; negative rates weigh on margins
  • Swiss banks 6,700 jobs to operations outside of country

Swiss Banks Cut Workforce by 4.1% as Profits Fall

Banks in Switzerland reduced their domestic workforce by 4.1 percent in the first half as companies combined and made cost cuts to stem declining profitability, a survey by the nation’s main bank association showed.

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