Record headcount, UBS integration, regulatory tightening — and a competition for senior relationship managers unlike anything Zurich has seen before.
The latest KPMG study on Swiss Private Banking delivers a finding that should give every senior banker in Zurich pause. Swiss private banks employed more full-time staff in 2024 than at any point in recorded history — 40,464 full-time equivalents in total. At the same time, the number of private banking institutions has fallen by roughly half since 2010.
UBS is excluded from this count for methodological reasons. But the direction is clear: fewer institutions, more headcount per bank, higher concentration of talent inside the remaining houses.
What does that mean on the ground in Zurich?
UBS: 3,000 Swiss Roles and a Paradox
CEO Sergio Ermotti confirmed in early February 2026 that the majority of Swiss headcount reductions will take place in the second half of the year — approximately 3,000 roles, primarily following completion of the Credit Suisse IT migration to UBS systems.
At the end of December 2025, UBS employed 103,200 full-time staff globally — 1,250 fewer than at end of September. Since the acquisition peaked at around 119,000 FTE in mid-2023, roughly 16,000 roles have been eliminated. The internal target of 85,000 FTE by end of 2026 appears unlikely to be met, according to the Financial Times.
The paradox: while UBS is cutting, other Zurich institutions are hiring selectively and deliberately.
Three Clear Trends
From my conversations with desk heads and HR leads in Zurich over recent months, three patterns are consistent.
Targeted acquisition hires at the private banks. Julius Baer, Vontobel, EFG, and UBP are not hiring broadly — they are hiring with precision. The profile they want is specific: relationship managers with an entrepreneurial approach, access to high-growth client segments (entrepreneur families, next-generation clients, international markets), and demonstrable portability.
The EAM gap. The external asset manager sector continues to grow, and with it the demand for experienced client advisers who are comfortable in a regulated environment. Industry sources project a shortfall of up to 1,000 client advisers in the Swiss EAM segment over the coming years.
Former Credit Suisse bankers as a sought-after asset. Bankers who maintained intact client books — whether by remaining inside UBS through the integration or by waiting out the transition period — are now facing a decision. The completion of the IT migration will release many non-compete clauses. In my experience, the strongest candidates move quietly and early.
What I Am Seeing in the Mandate Market
Compensation is stable but shifting in structure. Fixed salaries for senior RMs at Director and ED level of CHF 200–350K remain market-standard. The variable component is increasingly tied to sustainable revenue streams — DPM mandate income, lending revenue, recurring fees — rather than pure AUM accumulation.
German is mandatory, but no longer sufficient. Swiss-German and standard German are prerequisites for CH-onshore mandates in German-speaking Switzerland. Banks increasingly also require solid English and, ideally, a second language for cross-border segments. The combination of German plus Italian or German plus Russian is being actively sought.
Portability is being scrutinised more rigorously. The era of AUM promises as the primary hiring signal is over. Zurich banks consistently require: a credible wallet-share analysis, a retention history, clean compliance documentation, and a realistic assessment of what proportion of the book is actually transferable within six to twelve months. Business plans are no longer a formality. They are the filter.
What This Means for You
If you are a relationship manager in Zurich considering a move, the next twelve months represent a window that rarely exists. The combination of the UBS restructuring, targeted hiring initiatives at the private banks, and the growing EAM segment is creating optionality that does not exist in a normal market cycle.
If you are a desk head or HR lead looking for senior profiles, be aware that the pool of available, qualified candidates will grow in H2 2026 — but the strongest profiles are being approached early and moving discreetly. A structured approach with a realistic business plan and a clear platform proposition is what separates successful hires from those that stall in committee.
The talent market in Zurich is not tightening. It is turning. The direction of that turn, and who benefits from it, will be determined in the next six to twelve months.
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