Geneva Financial Center : results of the 2015 annual survey
Every year in June, Geneva Financial Center sends a survey to bank directors and independent assets managers of the Geneva financial marketplace. The results compiles their analysis and their insights.
In 2015, many answers were collected which gives a representative survey.
A troubled environment
The survey clearly shows that financial intermediaries are facing increased pressure while the number of jobs in the bank industry is decreasing. The discontinuation of the exchange rate floor for the euro by the Swiss National Bank (BNS) on Juanary 15th 2015 combined with the new regulations are the main cause of pressure.
Accordind to Nicolas PICTET, president of the Foundation, the corporate tax reform III (RIE III) is vital for the activities of the Geneva Financial Center. The need for a qualified labor force coming for the EU remains important.
Among the most crucial concerns, there is the need to access to the European market. Indeed, there is a growing risk of delocation due to the Geneva Financial Center’s loss of attractivity.
Positive conclusions to keep in mind
The profits actually remain stable thanks to an excellent control of costs. The total payroll is unchanged but we notice some modifications of employee profiles. There is a reinforcement in the field of compliance and taxation as well as new expectations regarding the educational background and the adaptation to internal processes.
Despite a troubled environment, the Geneval Financial Center shows good resistance, the sign of its solidity and its capacity to adapt. The expertise of Geneva IAMs remains a strong competitive advantage that financial professionals keep on defending by adapting their offer, their organisation and their work methods. It relies of continuous training and a investments in softwares that improve productivity, including portfolio management, consolidation and compliance.