Banking is no longer Switzerland's top-paying industry, according to new data. Top executives at drugmakers and insurers have moved in on Swiss banker territory.
Swiss bankers in management positions earn an average 220,000 Swiss francs ($219,950) – 40,000 francs less than ten years ago, according to government data analyzed by Swiss weekly «NZZ am Sonntag» (behind paywall, in German).
The pharmaceutical sector pips this with average pay of 280,000 francs. Salaries for upper management at banks also shrank, to an average 530,000 francs from 660,000 francs previously. Banking pays roughly one-fifth less than drugmakers or insurers, according to the data.
Well-Paid Civil Servants
The slide is due to a fall in bonuses and other forms of variable compensation in recent years, according to Hans-Peter Portmann, vice-president of Zurich's banking lobby: «In middle management, even civil servants are often paid more than bankers.»
The banker and politician said this is a healthy development, illustrating that the market works in both directions.
