September 2022 Company Employment and Job News In Switzerland
07.09.22 Switzerland – Russian Sberbank becomes Swiss with a new name and over 60 jobs are saved
The Russian owners and related intermediaries or investors within the group owning Sberbank (Switzerland) AG are selling the institution to Geneva-based m3 Groupe Holding SA.
FINMA is closely overseeing the transaction and has temporarily lifted its protective shield and its control measures at Sberbank (Switzerland) AG to enable the transaction to complete.
The Russian parent company of Sberbank (Switzerland) AG is selling its holding to Geneva-based m3 Groupe Holding SA.
The “new” bank will continue its operations using its existing banking and finance license but under a new name.
TradeXBank AG is buying Sberbank Switzerland which made c. CHF25 million profit ( 7-8%) last year with revenues of around CHF3 – 4 billion to CHF4 billion.
Despite withdrawals of an estimated CHF1.5 billion in assets recently by non-sanctioned Russians, the bank will sit firmly in the top 20 largest Swiss banks.
Link to:
04.09.22 Zurich – Switzerland – Credit Suisse to shed 5,000 jobs near term in CEO re-organisation
Credit Suisse has been like a cork bobbing up and down in a sea of scandals to date. As a major employer in Zurich there is to be a major culling of its mid to senior management and back-office. The initial phase of the re-organisation has identified 4,000 to 5,000 people whose jobs can be covered with direct redundancy, early retirements or calls for voluntary packages from those business units which will be closed or amalgamated.
As the Credit Suisse cork bobs into calmer water, further rounds of job cuts and role changes will occur as the new chief executive Ulrich Koerner “gets comfortable in his new chair.”
Will he ever get the cork back into the bottle, or say how many job cuts will impact Zurich, no-one knows ( except maybe the kings of Zurich banking gossip and insight – Inside Paradeplatz ).
Link to Announcement Source: Reuters
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September 2022 Unemployment Update -more coming in October
Registered unemployed figures for September 2022 from the State Secretariat for Economic Affairs (SECO) will be released in October.
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September 2022 Company Employment and Job News In Switzerland 07.09.22 Switzerland – Russian Sberbank becomes Swiss with a new name