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Accelerated pace of job cuts in Swiss bank

The Swiss Bank Corporation (SBC)

1)Introduction:swiss bank

In German language it is known as “Schweizerischer Bankverein (SBV). French it is know as “Société de Banque Suisse (SBS). In  Italian, known as “Società di Banca Svizzera“. Swiss Bank Corporation (SBC) is a large composed financial services company which is located in Switzerland. Before it merged with other banks, Swiss Bank Corporation (SBC) was the third largest in Switzerland.

2)About the job cut:more than 1000 jobs were cut in swiss bank

Last year, Swiss Bank Corporation (SBC) Switzerland’s banks cut jobs of about more than 1,000. This year, in the first half of 2016, the of shedding jobs increased. The outlook for the rest of the year looks stable. The Swiss Bankers Association in its annual industry review gave an information regarding Full-time staffing levels. Last year, full-time staffing levels in Swiss Bank Corporation (SBC) Switzerland’s bank fell by 1 percent.

3)Percentage of workforce:

The Swiss Bankers Association confirms, last year, the number of banks in Switzerland  is decreasing from 275 to 266. Although, in an Swiss Bankers Association survey, in the first half of 2016, it is find that the record of 3,454 (very less) employees contributes to be the workforce. This 3,454 number of employees contributes 4.1 percent to the workforce. The Swiss Bankers Association confirms the stability of the outlook for the employment trend for the rest of the year.

4)Clients and their struggle:

Many Swiss private banks, enjoys the fruit from clients who brings money from their country to Switzerland. These clients brings money from their country to Switzerland in order to take advantage of the country’s banking privacy rules. Now, these clients are struggling because of tax invasion and increase in regulatory costs.Client brings money from their country

5)Pressure on banks:

At an industry level, pressure is put on banks to cut costs in the middle of record-low interest rates. Also there are penalties is set for a hidden supply of cash with central banks.difficulties faced by bank

6)Deals:

Royal Bank of Canada‘s sale of its Swiss private bank to Syz & Co and Union Bancaire Privee’s acquisition of Switzerland-based Coutts International from Royal Bank of Scotland are the deals involving foreign banks last year.

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