Sample Term Paper
The sector also accommodates foreign banks and their branches which make up about 40 percent of the entire sector. The presence of a large number of foreign banks exhibits the benefits of the Swiss banking industry. The sector is a major part of Switzerland’s economy as it constitutes about 9% of the GDP. The banking sector also employs a great deal of human resources of the country and about 3 percent of the total population of Switzerland worked in banks till 2008.
The banking sector of the country was growing at a stable rate till 2008 when the global economic crisis also hit this sector and the largest banks of the industry now face a liquidity crunch and operational slowdown. As a result of the crisis the Government had to inject CHF 6 billion into UBS which is the sector leader. UBS reported a loss of $12 billion for the first quarter of 2008 and a decision to cut down the workforce by 11 percent by 2010 was made. UBS currently employs 76,200 employees in 50 countries and after the lay off the employees remaining would be 67,500 by 2010. This slowdown has not only affected UBS but also other banks of the country as they go on to merge with other banks and try to figure out a way out of the liquidity crunch. Many foreign banks had to close down their branches and operations in the country as the cost nearly doubled with no new business to be found.
 Roth, U. Switzerland: A Center of Excellence in Global Banking. New York: Swiss-American Chamber of Commerce, 2005.
 Houston Business Journal. UBS to lay off 8,700 employees by 2010. April 15, 2009. http://houston.bizjournals.com/houston/stories/2009/04/13/daily22.html
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