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Old 21.01.2012, 14:08
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are local banks dumping and lowering salaries?

is it ok to conifrm that local banks are lowering financial industry salaries? what is your own experience? have salaries declined? i remember 5 years back, a grad in a good bank could start at 90k, now they are offering only 90-100k for people with university, mba and 5 years exp for front office roles.
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Old 21.01.2012, 16:27
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Re: are local banks dumping and lowering salaries?

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is it ok to conifrm that local banks are lowering financial industry salaries? what is your own experience? have salaries declined? i remember 5 years back, a grad in a good bank could start at 90k, now they are offering only 90-100k for people with university, mba and 5 years exp for front office roles.
The Swiss Franc is worth 30% more thab 5 years ago, so obviousely it's possible to employ foreigners for less today than 5 years ago.
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Old 21.01.2012, 16:52
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Re: are local banks dumping and lowering salaries?

And they are not the only ones - many businesses are too, including Novartis (well increasing hours without increasing pay apparently).
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Old 21.01.2012, 17:50
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Re: are local banks dumping and lowering salaries?

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is it ok to conifrm that local banks are lowering financial industry salaries? what is your own experience? have salaries declined? i remember 5 years back, a grad in a good bank could start at 90k, now they are offering only 90-100k for people with university, mba and 5 years exp for front office roles.
Confirmed – mainly due to the Swiss-EU Bilateral Agreement on the Free Movement of Persons and the ongoing crisis in banking (most banks are technically insolvent).

Martin
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Old 21.01.2012, 19:44
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Re: are local banks dumping and lowering salaries?

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is it ok to conifrm that local banks are lowering financial industry salaries? what is your own experience? have salaries declined? i remember 5 years back, a grad in a good bank could start at 90k, now they are offering only 90-100k for people with university, mba and 5 years exp for front office roles.
While the salaries of bank-employees in the 70ies were almost 200% of comparable people in the "real economy", those banking-wages started to get down in the 1990ies and now are gradually approaching normal figures. The positive side-effect of this development is that cafés and restaurants close to banks over the past 20 years have generally come down to a more normal price level. I mean 72'000 per year is a very high salary still, and I do not believe that average bank-employees in places like Stuttgart or Strassburg, or Dijon, or Lyon, or Montpellier get more than CHF 60'000 per year
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Old 21.01.2012, 22:27
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Re: are local banks dumping and lowering salaries?

Bankers have had way to good run, I should not complain as I am in a bankers palace in Verbier this weekend.
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Old 21.01.2012, 23:05
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Re: are local banks dumping and lowering salaries?

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While the salaries of bank-employees in the 70ies were almost 200% of comparable people in the "real economy", those banking-wages started to get down in the 1990ies and now are gradually approaching normal figures. The positive side-effect of this development is that cafés and restaurants close to banks over the past 20 years have generally come down to a more normal price level. I mean 72'000 per year is a very high salary still, and I do not believe that average bank-employees in places like Stuttgart or Strassburg, or Dijon, or Lyon, or Montpellier get more than CHF 60'000 per year
you cant compare zurich with those cities when it comes to financial centers. also, what about living costs, at least 2x higher in zurich. im not comparing salaries of bank tellers when you walk into your local credit suisse branch.

why in switzerland are administrators, receptionists paid 90k and higher in some firms, without any post secondary education requirements, and minimal responsibilities? do you agree that it is fair that they earn a comparable salary to front office workers?
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Old 21.01.2012, 23:12
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Re: are local banks dumping and lowering salaries?

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you cant compare zurich with those cities when it comes to financial centers. also, what about living costs, at least 2x higher in zurich. im not comparing salaries of bank tellers when you walk into your local credit suisse branch.

why in switzerland are administrators, receptionists paid 90k and higher in some firms, without any post secondary education requirements, and minimal responsibilities? do you agree that it is fair that they earn a comparable salary to front office workers?
Don't the Bank tellers have to live here too? In the end people get paid what they are worth, for a few years *ankers were overpaid, now they get less than a receptionist what is the problem?
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Old 21.01.2012, 23:16
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Re: are local banks dumping and lowering salaries?

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Don't the Bank tellers have to live here too? In the end people get paid what they are worth, for a few years *ankers were overpaid, now they get less than a receptionist what is the problem?
the problem is that the gap has significantly closed. the front office people are the ones bringing in the multi-million chf deals, revenue for the bank. i dont have anything against administrators, they are needed, but cmon they photocopy, schedule, answer phones, and are not bringing in the money. without new money from the front office people, admin jobs would not exist.
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Old 21.01.2012, 23:22
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Re: are local banks dumping and lowering salaries?

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the problem is that the gap has significantly closed. the front office people are the ones bringing in the multi-million chf deals, revenue for the bank. i dont have anything against administrators, they are needed, but cmon they photocopy, schedule, answer phones, and are not bringing in the money. without new money from the front office people, admin jobs would not exist.
The real people bringing in the money still have bonus's in the millions, the rest just jumped on a bus that's no longer trendy. If your really any good at what you do in Banking you will earn more than 100K, as you will in almost any other business that makes a profit.
It's very much a case of 'Mr Average' need not apply.
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Old 21.01.2012, 23:29
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Re: are local banks dumping and lowering salaries?

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you cant compare zurich with those cities when it comes to financial centers. also, what about living costs, at least 2x higher in zurich. im not comparing salaries of bank tellers when you walk into your local credit suisse branch.

why in switzerland are administrators, receptionists paid 90k and higher in some firms, without any post secondary education requirements, and minimal responsibilities? do you agree that it is fair that they earn a comparable salary to front office workers?
The living costs in Stuttgart and Lyon are fairly high and almost as high as in Zürich. And the living costs in Zürich are equally high for non-bankers than for bankers. In most companies, receptionists and administrators have some 40'000 to 50'000 (max 60'000) per year, far far away from the 90'000 you mention.
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Old 21.01.2012, 23:35
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Re: are local banks dumping and lowering salaries?

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The living costs in Stuttgart and Lyon are fairly high and almost as high as in Zürich. And the living costs in Zürich are equally high for non-bankers than for bankers. In most companies, receptionists and administrators have some 40'000 to 50'000 (max 60'000) per year, far far away from the 90'000 you mention.
In Zh I do know several women who have earned 7-10K a month, & a huge no over 6K, so I believe you are misinformed. In Geneva I would say your range is more accurate.
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Old 22.01.2012, 00:11
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Re: are local banks dumping and lowering salaries?

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the problem is that the gap has significantly closed. the front office people are the ones bringing in the multi-million chf deals, revenue for the bank. i dont have anything against administrators, they are needed, but cmon they photocopy, schedule, answer phones, and are not bringing in the money. without new money from the front office people, admin jobs would not exist.
It is not often I feel like groaning on this forum, but this post came pretty close. Com'on, show some respect. Whilst you may be right that it is the "front-office" that brings in the revenue it is no good if this is not turned into profit - and I am pretty sure they don't do it alone. - And I am pretty sure the middel office and back office do a little more than photocopying and answering the phone.. At least they do where I work - the chain is only as strong as the weakest link.

J aka "the front office"
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Old 22.01.2012, 00:32
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Re: are local banks dumping and lowering salaries?

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It is not often I feel like groaning on this forum, but this post came pretty close. Com'on, show some respect. Whilst you may be right that it is the "front-office" that brings in the revenue it is no good if this is not turned into profit - and I am pretty sure they don't do it alone. - And I am pretty sure the middel office and back office do a little more than photocopying and answering the phone.. At least they do where I work - the chain is only as strong as the weakest link.

J aka "the front office"
I couldn't agree more. Guess who provides all the tools and support for those tools to the front office, so products can be sold and profits grown? Back Office has the difficult task of understanding the business like the front office, but also understanding the pieces needed to support it (e.g. technology). A good bank knows that and rewards productivity, in all its forms.
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Old 22.01.2012, 16:30
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Re: are local banks dumping and lowering salaries?

The banks have a policy of never paying EF members more than SFr120k per annum.

Cheers,
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Old 23.01.2012, 00:08
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Re: are local banks dumping and lowering salaries?

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In Zh I do know several women who have earned 7-10K a month, & a huge no over 6K, so I believe you are misinformed. In Geneva I would say your range is more accurate.
My bet is that those women all worked either in banking or in insurance. People do not earn much less in Geneva than in Zürich, the differences are more related to the field of activity.
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Old 23.01.2012, 08:27
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Re: are local banks dumping and lowering salaries?

I work in the field and it sucks. I am trying to switch careers & get a new degree in engineering...to finally do something productive.
If you start with a BSc, you're looking at around 90k in Geneva.
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Old 25.01.2012, 22:46
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Re: are local banks dumping and lowering salaries?

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the problem is that the gap has significantly closed. the front office people are the ones bringing in the multi-million chf deals, revenue for the bank. i dont have anything against administrators, they are needed, but cmon they photocopy, schedule, answer phones, and are not bringing in the money. without new money from the front office people, admin jobs would not exist.
I work in the backoffice of one of the biggest Swiss banks, and trust me, I do anything but photocopy, schedule etc.
I transfer nonphysical precious metals between major financial institutions, settle precious metal deals, without this job the precious metal business would not exist.
So don't belittle us please - we are worth our money (and no, my salary doesn't even come close to a trader's, but it's certainly not bad).
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Old 25.01.2012, 22:52
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Re: are local banks dumping and lowering salaries?

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In Zh I do know several women who have earned 7-10K a month, & a huge no over 6K, so I believe you are misinformed. In Geneva I would say your range is more accurate.
About "In Zh I do know several women who have earned 7-10K a month"

Me too, & they are paid in cash which is good for tax reasons
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Old 25.01.2012, 23:04
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Re: are local banks dumping and lowering salaries?

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the problem is that the gap has significantly closed. the front office people are the ones bringing in the multi-million chf deals, revenue for the bank. i dont have anything against administrators, they are needed, but cmon they photocopy, schedule, answer phones, and are not bringing in the money. without new money from the front office people, admin jobs would not exist.
Well I can tell by your sense of entitlement that you are more than ready for your front office job. Or selling used cars. Same job really. You sell something. Guess what? You couldn't sell a damn thing if there wasn't a whole bunch of back and middle office staff that actually do the hard work that make your deals work. Not to mention the IT staff who write and maintain the systems that enable you to make these deals that make so much money.

Hang on. Isn't it you front office folk who have fscked up the markets and caused the global economy to go all pear shaped? Erm, can we have some of those big salaries back to fix what you guys cocked up? I didn't think so.
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