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Old 10.12.2012, 13:06
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Hiring stop for ALL Americans ?

In today's Tages-Anzeiger, there is an ariticle on the difficulties facing 'US persons'.
http://www.tagesanzeiger.ch/wirtscha...story/14584947
I am concerned that this is becoming a problem particularly if one is working in the Finance area. Does anyone have any info on this issue?
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Old 11.12.2012, 00:07
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Re: Hiring stop for ALL Americans ?

A reporter for Bloomberg, Giles Broom, would like to receive information from Americans who have been denied employment or lost out for jobs to non-Americans in Switzerland due to their US citizen status. He can be reached at: gbroom@bloomberg.net

Thank you.
Mullhollander
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Old 12.12.2012, 04:11
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Re: Hiring stop for ALL Americans ?

Clare O'Dea, a reporter for Swissinfo.ch, is also looking for Americans who have had problems with a job search in Switzerland due to FBAR. Her tweet on this topic reads: "Any US citizens having trouble job hunting in Switzerland due to FBAR?"

The tweet is posted at:
http://isaacbrocksociety.ca/2012/12/...t-experiences/
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Old 12.12.2012, 08:16
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Re: Hiring stop for ALL Americans ?

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Clare O'Dea, a reporter for Swissinfo.ch, is also looking for Americans who have had problems with a job search in Switzerland due to FBAR. Her tweet on this topic reads: "Any US citizens having trouble job hunting in Switzerland due to FBAR?"

The tweet is posted at:
http://isaacbrocksociety.ca/2012/12/...t-experiences/

I applied for jobs at a few financial institutions and insurance
companies and received an almost immediate "No".

A few years ago, the company ALWAYS invited me for
an interview!
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Old 12.12.2012, 15:04
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Re: Hiring stop for ALL Americans ?

Is the job market now in general very horrible for non-EU?
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Old 12.12.2012, 15:07
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Re: Hiring stop for ALL Americans ?

All in preparation for a pull/push out of the US market by Swiss banks.
Pre-emptive strikes.
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Old 12.12.2012, 15:18
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Re: Hiring stop for ALL Americans ?

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Is the job market now in general very horrible for non-EU?
This problem is an issue for people designated as 'US persons' (US citizens, green card holders, etc). US law not only requires that we are taxable living here, but also requires that we report any company accounts that we access to the IRS even if the company has nothing to do with the US.
In addition to banks not taking on Americans, some companies don't want to hire us due to the increasing draconian laws coming from the US congress (FACTA, etc.)
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Old 13.12.2012, 08:53
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Re: Hiring stop for ALL Americans ?

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A reporter for Bloomberg, Giles Broom, would like to receive information from Americans who have been denied employment or lost out for jobs to non-Americans in Switzerland due to their US citizen status. He can be reached at: gbroom@bloomberg.net
The issue may not be exactly denied employment, but it does impact career prospects, responsibility, and climbing the corporate ladder for sure. I know one person who could not take on new job responsibilities (likely promotion) because the job involved having signature authority over accounts and he was American. It would have involved him reporting all this through FBAR and it was just easier for the employer to find a non-American to do this job. Also it has impacted me as well, as there are certain jobs that could trigger FBAR reporting for my employer, so it restricts my mobility and career prospects. Another stab in the back for overseas americans thanks to overreaching US laws and policies.
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Old 13.12.2012, 10:29
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Re: Hiring stop for ALL Americans ?

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Is the job market now in general very horrible for non-EU?
No.

The thread title is rather dramatic and misleading. The problems refers to hiring of (a) US citizens AND (b) jobs involving signature authority over accounts.

So if you're not a US citizen, or if you're a US citizen applying for a R&D post in pharma, or management consultancy, or underwater basket-weaving, then your chances of being hired are no different to last year.

If, however you're a US citizen AND want to be a fund manager in Switzerland.... well, you could always consider the underwater basket weaving instead.
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Old 13.12.2012, 11:35
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Re: Hiring stop for ALL Americans ?

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All in preparation for a pull/push out of the US market by Swiss banks.
Pre-emptive strikes.
I'd be very surprised if that happened. Why even bother to sign onto FATCA if that were the case?

For a bank like UBS, their market share in the US is HUGE -- more than even Europe or Asia. Explains why they've jumped through hoops for the IRS and paid those heavy fines.
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Old 13.12.2012, 13:04
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Re: Hiring stop for ALL Americans ?

It will certainly impact "US persons" in other fields than finance as well, any management position where you have access to company accounts would be out of their reach. The US seems the worst choice for aspiring young managers looking for some experience abroad at the moment, because it could seriously impact their career. A friend of mine who is a lawyer thinks he's in trouble as he previously worked for a law firm in Chicago and holds a greencard, which could prevent him from continuing his work as a trustee/fiduciary.
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Old 13.12.2012, 13:07
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Re: Hiring stop for ALL Americans ?

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I'd be very surprised if that happened. Why even bother to sign onto FATCA if that were the case?

For a bank like UBS, their market share in the US is HUGE -- more than even Europe or Asia. Explains why they've jumped through hoops for the IRS and paid those heavy fines.
US Business is a Toxic asset.
Swiss banks are just going through the motions until plan B emerges.
Look East...where the money is.
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Old 13.12.2012, 13:18
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Re: Hiring stop for ALL Americans ?

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I'd be very surprised if that happened. Why even bother to sign onto FATCA if that were the case?

For a bank like UBS, their market share in the US is HUGE -- more than even Europe or Asia. Explains why they've jumped through hoops for the IRS and paid those heavy fines.
Do you have any figures on relative market shares of CS / UBS in the US?
As far as I know UBS tried to close down its US business as early as 2007, by intentionally trying to make customers leave for another bank after selling its UBS business to Julius Bär failed.

http://www.tagesanzeiger.ch/wirtscha...story/20856893

I would be really surprised if the US market share is even remotely as big as either Europe or Asia, but couldn't find any stats.

edit: Some incredibly interesting reading here about Swiss trade with the US. Apparently Switzerland was the biggest foreign investor to the US in 2010, and ranks 5th overall, with investments predominantly in the manufacturing sector (job-creation? perhaps the US ought to be a little more grateful..) I must admit I wasn't aware of the magnitude of Swiss investment to the US either.

Quote:
Foreign direct investment in the U.S. manufacturing
sector is dominated by a number of countries, each with substantial investments: investments by
the United Kingdom ($140 billion), Switzerland ($106 billion), the Netherlands ($101 billion),
Japan ($83), Luxembourg ($69), Germany ($64 billion), and France ($60 billion) account for
nearly three-fourths of the total amount of foreign direct investment in this sector.
http://www.fas.org/sgp/crs/misc/RS21857.pdf

Last edited by simon_ch; 13.12.2012 at 13:33.
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Old 13.12.2012, 13:29
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Re: Hiring stop for ALL Americans ?

Horribly impacts me, as my degree is in accounting. Most places I apply for give me an immediate "No," and several have detailed to me that they don't hire Americans.
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Old 13.12.2012, 13:44
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Re: Hiring stop for ALL Americans ?

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Horribly impacts me, as my degree is in accounting. Most places I apply for give me an immediate "No," and several have detailed to me that they don't hire Americans.
I have applied to several positions as well. It was surprising that
a I received a rejection. Now, I know why. Hopefully, your job is
secure!
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Old 13.12.2012, 13:54
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Re: Hiring stop for ALL Americans ?

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I have applied to several positions as well. It was surprising that
a I received a rejection. Now, I know why. Hopefully, your job is
secure!
No unfortunately I am unemployed. I moved here to be with my wife. Given what I have seen, I may eventually have to go back to school and change careers. If we can ever afford it. Most companies just auto reject me, but a few have said (with different words) that they don't care if I have a B-permit or not, they won't touch an American with a ten foot pole. Not all of them were accounting jobs.
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Old 13.12.2012, 14:06
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Re: Hiring stop for ALL Americans ?

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US Business is a Toxic asset.
Swiss banks are just going through the motions until plan B emerges.
Look East...where the money is.
Yep, you hit it on the nose. I remember in a previous thread I wrote to a poster "Switzerland always has a plan B." They sarcastically questioned my words. Many people don't understand this about Switzerland, it may seem like they lose, but they very rarely do. Yes, they complied with what the US wanted, but the backlash will be worse and hurt US citizens in the country. If anything the Swiss are quite shrewd much to many people's surprise. They will do without a person, company, or nation if it starts to hurt the bottom line, which is the country itself. The Swiss walk softly but carry a big stick.

This situation is not something intentional on the Swiss end, per say, but it's a bit like "OK, US are you sure you want us to do this?" US in a bullying manner, "Yes and the sooner the better!" Due to the lack of insight of the US they didn't see the consequences of their actions. Now look at what's happening. I knew it! While Switzerland climbs the ladder of the best country in the world to be born in, three cities in the top 10 cities in the world to live, the most competitive country in the world, US is lagging behind in everything except spending!
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Old 13.12.2012, 14:46
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Re: Hiring stop for ALL Americans ?

Sorry to hear that you are unemployed.

In my rejections, they never quite came out and said
that the rejection reason is that I am American.

Good luck!!
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Old 13.12.2012, 14:51
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Re: Hiring stop for ALL Americans ?

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Yes, they complied with what the US wanted, but the backlash will be worse and hurt US citizens in the country. If anything the Swiss are quite shrewd much to many people's surprise. They will do without a person, company, or nation if it starts to hurt the bottom line, which is the country itself. The Swiss walk softly but carry a big stick.
True, and it may backfire not just for high-earning expats but for factory workers in the US as well: Switzerland could just be the single biggest creator of manufacturing jobs in the US. How helpful are recent legislation that makes it increasingly unattractive for Swiss managers to live and work in the US?
Does the US really want to lose jobs from companies that pay on average 60% more than domestic companies?
I really hope the US wisens up realizes that they need strong international partners and foreign direct investment and that they should start being grateful, not resentful for it.
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Old 13.12.2012, 14:56
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Re: Hiring stop for ALL Americans ?

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Sorry to hear that you are unemployed.

In my rejections, they never quite came out and said
that the rejection reason is that I am American.

Good luck!!
Thanks, and likewise!
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