Ticino Loses Out as Banks Are Shedding Staff

The financial market in Switzerland’s southern-most region of Ticino is feeling the pinch: The number of jobs in 2016 declined much faster than in previous years and the outlook remains bleak.

Swiss banking in general is cutting costs and some members are even folding amid tough market conditions. The result: A decline in jobs across the sector, and the Italian-speaking region of Ticino is certainly no exception to the rule.

The number of full-time-equivalent jobs (FTE) in financial services in the Ticino fell to 6,782 last year, down 296 from a year earlier, according to a report by «AWP», which was based on preliminary figures by the Ticino Banking Association.



The association cannot but offer a bleak outlook for the financial market, which for a long time had benefited from business with Italian citizens, who preferred to keep their assets safe in Switzerland, safe from the devaluation and a substantial tax rate.

The banking group said the decline had to do with industry-wide developments such as the industrialization of banking procedures, the erosion of volumes and profitability as well as the relocation of some back-office operations.

With an uncertain future for the industry and amid a wave of mergers and acquisitions, the association isn’t overly optimistic about the banking sector's ability to create jobs in Ticino.