Swiss Banks Probed Over Suspicion Junior Pay Being Capped
- Indications banks sharing wage info to cap salaries: regulator
- “Big” banks and private banks are among those facing probe
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Dozens of Swiss banks are facing a preliminary investigation by the nation’s competition watchdog on suspicion lenders colluded to limit the pay of junior recruits in one of Europe’s biggest financial centers.
“It concerns the market for young talent,” Patrik Ducrey, the director of Switzerland’s Competition Commission said in a telephone interview on Wednesday. “We have indications employers are talking about salaries — not to fix minimum salaries but to fix maximum salaries.”