You want to work for a Swiss private bank. If pay is your priority, which one should you go for? Thanks to last month's publication for the first time ever of the results for Pictet, Lombard Odier and Mirabaud, we now have some definitive answers on Swiss banking salaries. The best paying bank in Switzerland is Lombard Odier. The worst paying bank is...Credit Suisse.
Our analysis of banks' accounts for the first six months of 2014 suggests the ranking of Swiss banks' pay looks a little like this:
Lombard Odier: CHF167k
UBS (American wealth management business): CHF140k
LGT Group: CHF135k
Vontobel: CHF 130k
Julius Baer: CHF100k
Credit Suisse: CFH98k
What makes Lombard Odier so generous? It helps that they're small. It helps that they employ a high proportion of senior staff. It helps that they're mostly based in Switzerland, where there aren't really any restrictions on pay. It also helps that their figures are only for wealth management and asset management whereas the figures for Credit Suisse include wealth management and part of the bank's retail banking business.