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By the Opalesque Team: The job market is really quiet in Geneva, a stock analyst who has been out of work for the last 3 months told Swiss daily Le Temps. Two hedge fund analysts who had recently left their employment in Geneva also talked about the impossibility for head-hunters to find them another position.
Banks in Geneva increased their amount of personnel from 16,000 to 20,000 from 2004 and 2008. Now they are decreasing it. UBS and Credit Suisse, who will let 1,500 and 600 employees out respectively, have frozen new hires. Private bankers are also letting people go. Although private banks Mirabaud and Bordier are thinking about hiring instead.
UBP, who suffered from the Madoff affair, is reportedly preparing a ‘social plan’ for January 31st. Redundancies and job withdrawals could affect 10 to 13% of the staff, that is, 130 to 170 positions (out of 1,300) could be at risk, Le Temps has learned. Those working in the alternative fund management could be the first to go. Some will also be asked to retire early.
A recruiter forecasted that the alternative fund management would be the most affected in Geneva. Some directors are talking about “changes of business models” within institutions which deal with alternatives the most.
See last week’s related Opalesque Industry Update:
Geneva private bank Mirabaud to blacklist funds without independent administrator, UBP says WSJ misinterpreted Madoff email ...................... To view our full article Click here
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