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Old 12.10.2015, 13:52
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Front office salaries at UBS/CS?


I am in the process of interviewing for a front office senior credit research position at one of UBS/CS in the Zurich office. The position is looking for someone with at least 5 years of fixed income/credit research experience. The level would most likely equate to Vice President or Assistant Director level from what I understand.

I am currently based in London and doing the same role, albeit on the buy-side, for £85k plus a bonus that ranges anywhere from 0% to 100% of this depending on the performance of the fund. At my interview today, in the London office by video conference, myself and the HR lady began discussing compensation. I suggested that to maintain my standard of living in Zurich I would be looking for 2x my salary in £, so basically 2x £85k for CHF170k. Her reaction was one of shock and she seemed to suggest that most people relocating from London to Zurich would look for the same salary, i.e. I would go from £85k to CHF85k.

From my research and from looking at this forum it looks like they are trying to get me on the cheap. Anyone out there who has experience in this field? Am I right to use a 2x multiple for the cost of living adjustment? I know bot banks are trying to cut costs and this might be a bad sign.

To summarise, I am not prepared to go to Zurich and have a lower quality of life. Am I correct in my thinking that I would be much worse off on CHF85K in Zurich compared with £85k in London?

Thanks for your helps!
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