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Banks Recruit Again

New indications show a strong acceleration in recruitment in the Swiss financial sector.

The return to profitability of the financial sector — even if only a fictional result of massive and sustained printing of new money — is resulting in a new optimism and a renewed wave of hiring.

Financial news services in Switzerland are all reporting a sharp rise in the number
of job vacancies between June 2009 and May 2010, with UBS and Credit Suisse accounting for the majority of new jobs and employment opportunities (consultancies have also risen but are not counted in the figures).

On the other hand, the survey show stagnation in the insurance industry. According to the financial news agencies banks are increasing their staff because they have lowered their overall operating costs. In the insurance industry, such cost restructuring has not yet taken place.

Meanwhile the Swiss government accord with the USA for the handover of UBS accounts to the American tax authorities is set for approval by the Swiss parliament, despite the agreement’s being illegal under Swiss law. Many representatives in Swiss parliament expressed frustration at having to choose between foreign engagements undertaken by the executive and Swiss law.

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