The slowdown in hiring across Switzerland’s banking sector shows no sign of easing. New figures from the job platform Indeed reveal that vacancies at the

country’s ten largest financial institutions fell once again in October, extending a downward trend that has now stretched over several years.

According to the analysis, just under 528 positions were listed on banks’ own websites during the month—a drop of 5.5% compared with September. The review includes only roles based in Switzerland and excludes apprenticeships, internships and other training roles, which are counted separately. When those positions are included, the decline in advertised roles is even steeper, though this is partly due to seasonal hiring cycles for apprentices.

A look further back shows just how sharply the job market has cooled. One year ago, banks were advertising nearly 14% more roles. Two years ago, the figure was roughly 70% higher.

The shift is particularly stark at UBS. In October 2023—before the full integration of Credit Suisse—the two institutions together listed more than 300 open positions. Today, that number has dwindled to around 90.

Other major players tell a similar story. Zürcher Kantonalbank and PostFinance both have only about half as many openings as they did two years ago. Even Raiffeisen, which currently leads the sector in available positions, is listing around one-third fewer jobs than in autumn 2023.

As Switzerland’s financial industry continues its transformation—driven by consolidation, automation and cost pressure—the prospects for job seekers in traditional banking roles are tightening accordingly. Photo by Zürcher Kantonalbank, Wikimedia commons.