More job cuts coming to Switzerland

Daily Life, Swiss News and General Topics
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Pfizer reported to be cutting over 200 jobs to reduce down to only 70. I notice belt-tightening elsewhere in Pharma.

Maybe prudent to prepare for some lean years.

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Constant downsizing at organisations and ngos in Geneva.

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I mentioned this on the Switzerland tariffs thread. Lean times ahead. Try to be not one of those sellings assets for daily needs.

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With the recent drop in Switzerland’s rate of inflation, it’s economics theory in action with the Philips Curve:

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No surprises about UBS. The headline about 10k is around the world. Anyway, ~3’000 positions less by 2027 in Switzerland. Hopefully, retirements and early retirements are big part of them.

tippinpoint.ch makes a quarterly review of “bankers” in Zurich RAV. Sadly, this chart is not the Swiss GDP

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Those are the big headlines. However, I think the big troubles are for Swiss manufacturing. Smaller and less known business are having troubles and impacting workers in smaller cities and villages.

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I work for big Pharma in Basel, not NVS.
Big layoffs are being announced in January. Worrying times as there are a lot of unemployed from NVS in town, and we’ve only just said goodbye to colleagues from the tail end of the last reorg.

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I wonder why there is such belt tightening now, because profits do not seem to be bad overall.

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Back to the Pfizer story, there’s a cryptic sentence at the end of this bloomberg article. What changed? And, is it a cantonal or a federal issue?

Switzerland has been losing its luster for some multinationals as it started to apply a new corporate tax regime.

Pfizer Is Cutting Hundreds of Jobs in Switzerland to Lower Costs

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I think this is the implementation of the new OECD minimum 15% tax rate.

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$55 million a day profit.

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My 2 colleagues just resigned as the company is being sold. Not worried about my job right now…..

Sorry, just wanted to vent

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Totally understandable.

I went through a merge and it’s worse than adapting to a new job. In a new job is 3-6 months are enough to get up to speed. Merge was 2+ years of b******t :confused:

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