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  1. Wealth
June 2, 2009

Pictet set to overtake UBS in number of staff

By Spear's

The city of Geneva has escaped the worst ravages of the financial crisis to date, as banking firms in the city added an average of 3 percent more staff over the year to March 2009.

The city of Geneva has escaped the worst ravages of the financial crisis to date, as banking firms in the city added an average of 3 percent more staff over the year to March 2009.

A survey by PME Magazine also found that smaller private banks in the city are performing better than their larger rivals, at least in terms of adding staff.

Genevan private bank Lombard Odier increased its workforce by just over 4 percent in the last 12 months, while Pictet & Cie, also founded in Switzerland’s second city, swelled its staff by almost 28 percent, adding 400 jobs in the last year to bring employee numbers up to 1981.

Both UBS and Credit Suisse have shed jobs over the past year with 3 percent and 2 percent reductions respectively. Over the past ten years, the number of Genevan employees at UBS has been cut by almost a quarter, to 2,070 currently.

The magazine notes that less than 100 employees now separate Pictet from its larger, international rival UBS.

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