As many as 7,000 Swiss private banking jobs could be culled if European regulation aimed at improving market infrastructure goes ahead as planned

September 30, 2013 Leave a comment

September 29, 2013 6:12 am

Swiss private banks face 7,000 job cull

By Madison Marriage

As many as 7,000 Swiss private banking jobs could be culled if European regulation aimed at improving market infrastructure goes ahead as planned. The Swiss Bankers Association has warned that heavy job losses are inevitable if the proposals, which would force Swiss banks to set up branches or subsidiaries in the EU to access onshore clients, are approved. The proposals form part of the revised Markets in Financial Instruments Directive, which aims to improve investor protection and competition across Europe. Read more of this post

Filed under Macro Trends

Siemens CEO Kaeser Cuts 15,000 Jobs to Catch Up With GE

September 30, 2013 Leave a comment

Siemens CEO Kaeser Cuts 15,000 Jobs to Catch Up With GE

Siemens AG (SIE)’s new Chief Executive Officer Joe Kaeser will cut more jobs than initially planned to boost earnings after the failure to catch up with rivals General Electric Co. (GE) and ABB Ltd. (ABB) cost his predecessor the job. The company will eliminate 15,000 jobs, representing 4 percent of its 370,000 workers worldwide, and a third of the cuts will come in the German home market, Siemens spokesman Oliver Santen said by phone yesterday. He declined to give more regional details. Siemens, Europe’s largest engineering company, had initially planned some 8,000 job cuts globally, a person familiar with the program told Bloomberg in October. Read more of this post

Filed under Macro Trends

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